SolarizEgypt is looking to invest in African solar: Egypt-based renewables player SolarizEgypt is looking to invest between USD 40-50 mn in solar PV projects across Africa by the end of the year, SolarizEgypt founder and managing director Yaseen Abdel Ghaffar told Al Borsa. The investments are part of SolarizEgypt’s expansion plans aimed at adding 80 MW to its clean energy portfolio, Abdel Ghaffar said. No specific projects or countries were indicated in the interview, not a timeline for deployed projects. We were unable to reach a company representative for comment on the story yesterday.

The company’s Africa ambitions were made clear earlier this year: Abdel Ghaffar said the company was interested in entering the Kenyan, Tanzanian, and South African markets in an interview in January. The company is also planning to invest USD 100 mn in its Egypt operations over the next three years, he said.

What we know so far: The company is looking to raise 75% of the financing needed for its Africa expansion from loans and 25% from equity funding, Abdel Ghaffar says. It is already in talks for financing with six banks including HSBC, CIB, QNB Alahli, Arab African International Bank, and Alexbank as well as undisclosed African lenders, he added.

About SolarizEgypt: Last year, European solar player Amarenco Groupacquired 74% of the company’s portfolio. The two companies established a JV to co-develop 300 MW worth of solar power projects over a four-year period. SolarizEgypt has a portfolio of over 50 MW of signed solar power purchase agreements with firms including Orascom Development Holding, Arabian Cement Company, Coca Cola Bottling, and others operating in various industries.

Tags: