almal > RightWingAd
almal > LeftWingAd

Infinity Solar to borrow 1.2 bn to set up alternative energy projects

Sunday 03 February 2019 01:12 PM

solar energy
solar energy

By Omar Salem:
Infinity for Solar Systems is involved in negotiations with two global banks to secure financings of USD 1.2 bn to carry out renewable energy projects with capacities of 1400 MW in Egypt.
Infinity’s Managing director Hesham al-Gamal has not revealed the two funders’ names, stating that the financings will be used to set up wind energy and solar power projects with capacities of 1000 MW and 400 MW respectively.
The firm is planning to implement these projects on IPP (independent power producer) basis, he said, adding that these projects are the largest after feed-in tariff schemes, noting that Infinity has the customers that will buy power from these plants.
Al-Gamal said that his company has submitted a request to Renewable Energy Agency to allocate land plots to set up these projects in Suez Gulf and Minya, adding that his firm will be implementing the projects over several years in partnership with Egyptian and European partners, noting that the national grid will be used by the company.
Meanwhile, an official at Renewable Energy Agency said that the authority is studying Infinity’s request for allocating land plots for the projects planned to be carried out.