An unidentified British company is to seize a 49% stake in Egypt’s Cairo Solar company worth EGP 180m, Al Mal News informed. No further details were released.

The Cairo Solar company has been qualified for implementing a solar power plant project in Aswan with a total capacity of 50 MW, with investments of $100m.

Previously, Cairo Solar’s Chairman, Hisham Tawfik, said that his company had obtained an approval from the International Finance Corporation (IFC) of the World Bank to borrow m for the development of its projects.

He noted that the loan is expected to be received in June, before the end of the financial close of unified tariff projects in October 2016. Currently, Cairo Solar is completing studies required by the international institution.

Cairo Solar was established through a consortium made up of Arabia Online Chairman, Hisham Tawfik, Engineering Consultants Group (ECG), Egyptian Maintenance Company (EMC) and the international solar energy consultant Ibrahim Samak, as well as other investors.