Five solar energy companies decided to shut their businesses down in Egypt after withdrawing from projects planned to be implemented with investments amounting to $400m, according to Daily News Egypt.

The companies took their decision on the basis of the Extraordinary General Assembly resolution of February, where El Serag 1, Bareq Capital, Gulf New Energy, Adenium Energy, and Smart Green Egypt were put to be liquefied. Rashad Hosny, a Mazars Mostafa Shawki Law Firm partner, was appointed as liquidator.

Hosny stated that the five firms were belonging to two business owners in the United Arab Emirates (UAE). He explained that, according to the law, the concerned bodies were notified with the decision, adding that another announcement will be made again.

He said that the companies would not invest in any renewable energy projects in Egypt, as they planned to increase their capital and expand the establishment of several stations, but all plans were halted, and the headquarters in Egypt were closed.