Orascom Telecom Media and Technology Holding (OTMT) plans to establish a $100m solar energy plant that will bolster Egypt’s energy production by adding a capacity factor of 50MW. The company is currently negotiating with four local banks to finance 70% of the project, OTMT Vice Chairman, Tamer Al-Mahdi, said, according to Daily News Egypt.

He stated that the slow procedures governing the company’s feed-in tariff projects in the renewable energy sector and the devaluation of the Egyptian pound have caused a 40% increase in the cost of used equipment and tools.

Al-Mahdi said that OTMT is waiting to conclude an agreement to purchase solar energy and plans to present it to the financing institutions it has contacted.

OTMT has so far invested an estimated EGP 1b in the electricity sector.

Al-Mahdi continued saying that “There are no difficulties in financing the project, and the company seeks to expand its investments in the energy field in the upcoming period.”

The Electricity Ministry aims to attract $6b in investments to add 4,000 MW to Egypt’s energy capacity factor, mostly through the construction of wind and solar power plants.