Egypt's Qalaa Holdings eyes boosting solar power capacity to 400-500MW in 5 years: Chairman

The private sector’s investments in the green projects will contribute to the development and financing of renewable energy projects in Egypt

  
Solar panels are seen at a solar power facility in Nakai town, Kanagawa prefecture, Japan, March 1, 2016.Image used for illustrative purpose.

Solar panels are seen at a solar power facility in Nakai town, Kanagawa prefecture, Japan, March 1, 2016.Image used for illustrative purpose.

REUTERS/Issei Kato

ArabFinance: Qalaa Holdings (CCAP) is aiming at boosting its production capacity from solar power to 400-500 megawatts from 70 megawatts within five years through its subsidiary Taqa Arabia, chairman Ahmed Heikal said in a press release.

The vice president of European Bank for Reconstruction and Development (EBRD) recently visited Dina Farms to begin the operations of Taqa Arabia’s latest projects to generate clean power, Heikal highlighted.

The private sector’s investments in the green projects, as well as the fruitful cooperation with international financing institutions such as EBRD, will contribute to the development and financing of renewable energy projects in Egypt, he added.

Qalaa Holdings and its subsidiaries plan for investments worth between $70 and 80 million backed by the government’s Exports Support Programe, he noted.

This came on the sideline of Heikal’s participation in the fifth edition of the Investment Future Initiative, taking place from October 26th until October 28th, 2021.

Qalaa Holdings, formerly Citadel Capital, is an Egypt-based company engaged in private equity investment activities.

The company manages an investment portfolio that consists of 19 opportunity-specific funds and spans 14 industrial sectors such as energy, cement manufacturing, solid waste management, real estate, mining, agricultural, glass manufacturing, transportation, and metallurgy.

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