$50 million in 2023.. “Solaris” aims to invest in Africa

Yassin Abdel Ghaffar, Chairman of the Board of Directors of Solaris Egypt for Renewable Energy, said that the company aims to expand in Africa with investments ranging between 40 and $50 million.

Funding will range between 75% of loans and 25% of the volume of investments before the end of this year.

Negotiating with African banks

He added that the company is negotiating with African banks in addition to the Egyptian one to finance expansions, and that it deals in the local market with a number of banks, including Bank of Alexandria, Arab African Bank, and Qatar National Bank.

The company obtains financing from banks and then allocates part of it to the investment side, and by determining the investment cost, electricity is sold to customers.

Solaris Egypt

Abdel Ghaffar mentioned that “Solaris Egypt” is negotiating with banks to finance the generation of about 80 megawatts, and these contracts have been signed and the financial closure is being implemented, which is the natural process after signing the contract by going to the bank with the contract.

He explained that negotiations are taking place with the banks that the company deals with, in addition to the Commercial International Bank and HSBC Bank.

Contracted with “Solariz Egypt” 

Abdel Ghaffar added that among the most prominent companies that “Solariz Egypt” contracted with to establish projects were “El Gouna Orascom”, “Coca-Cola” and the Arab Cement Company.

He pointed out that the company also works in the field of water desalination and treatment, and there are contracts underway with some companies, refusing to disclose its name at the present time.

power plants

He called on local banks to procure loans with reduced interest in order to encourage companies wishing to install solar power plants, especially with the expected rise in electricity bills after the government’s decision to lift subsidies for certain consumption segments.

Abdel Ghaffar pointed out that solar energy is the future of energy in Egypt, especially as it is inexhaustible and inexpensive in the long run, and Egypt desperately needs many solutions and to save the national grid.

In 2020, “Solaris Egypt” succeeded in implementing the first photovoltaic system for the production of new energy, through a program to be implemented for the first time in Egypt, which includes the production and sale of new energy among private sector companies in the country.