Misr Asset Management (MAM) is planning to inaugurate a solar power plant by end of 2015, at investment cost worth US$50 million.

Speaking to Amwal Al Ghad on Tuesday, MAM’s managing director Hassan Abdel-Hamid stated that the plant will be built through a consortium encompassing a number of Egyptian and Italian firms and institutions.

The Egyptian party of the consortium includes Misr Insurance Holding Company, Bedaya Fund in addition to a number of local investors, Abdel-Hamid noted.

He further added that the plant would be built in the industrial zone in the Sixth of October city, on a total space of 24.000 metres.

It is set to generate capacity of around 120 megawatts of solar energy within the first year of operation through adopting German and Italian latest technologies.

Moreover, MAM’s official said the plant is set to create around 400 new job opportunities.

Source: Amwal Al-Ghad