Metropolitan Egypt for Consulting, Chairperson, Khaled Nagaty said that the company has contracted with Infinity Energy Systems to collect financing worth EGP 10m to establish a solar energy plant in Aswan, according to Egypt Daily News.
Infinity has recently completed the establishment of a new company to build a 50MW solar power plant with a capital of EGP 16m.
Nagaty also mentioned that the collection of financing needed for clients was discussed and agreed on with Infinity, making Metropolitan Egypt the financing consultant for similar companies. Solving financing troubles is one of the main problems these companies are facing.
In addition, Metropolitan Egypt, Credit Supervisor, Yasser Kamal, said that the company aims to finance Infinity from foreign investment funds specialized in financing solar and renewable energy projects.
Kamal attributed this to the Egyptian banks’ refusal to finance these projects for long periods, noting that the feasibility study of the project targets a period of 12 to 15 years until profits are achieved. This is why it was important to use foreign investment funds that provide clients with long periods of funding and an interest rate of no more than 5%, and a grace period of no less than 18 months, according to Kamal.