Egyptian Firm Seeks Financing for Solar Power Stations

Solaris Egypt announced on Saturday that it is seeking to obtain financing worth EGP 300m to complete the implementation of solar energy projects.

According to Yassin Abdel Ghaffar the Executive Director of Solaris Egypt,the company implemented many solar power stations for Coca-Cola in Assiut, Sadat, Alexandria and Tanta, as well as inaugurated a solar energy plant for the Arab Cement Company, and is in the process of implementing other projects for Mountain View and Coca-Cola in Qalyubia.

Abdel Ghaffar said; '' the firm was able to obtain a grant from the Green Economy Financing Facility (GEEF) programme, affiliated to the European Bank for Reconstruction and Development (EBRD) in Egypt, which is supported by the European Union.''

Meanwhile, the green economy financing program provided the company with the opportunity to obtain financing from QNB as one of the partner banks in the program, in a project to establish a solar power plant for Coca-Cola in Sadat City with a megawatt capacity.''

Also, Abdel Ghaffar confirmed that the Covid-19 has affected the growth of Solaris Egypt’s business in the Egyptian market, but he did not stop the projects or contracts signed to launch solar energy stations with many private sector companies.

Moreover, the firm implemented solar power plants with capacities of more than 10 MW, and the company aims to increase its business volume next year. Noteworthy, the green economy financing program in Egypt, supported more than 40 companies in about 80 projects that were implemented across a variety of sectors, such as textiles, ceramics, printing, and agribusiness, in addition packaging.