Cairo – Mubasher: B Investments Holdings announced its investments in the renewable energy field are focused on solar power plants.
The Cairo-based private equity firm has invested around EGP 95 million into three solar power plants through its subsidiary, Infinity Solar, according to a statement to the Egyptian Exchange (EGX).
These plants are BSEP, PHOENIX, and MMID, B Investments highlighted.
The company’s investments are part of the second phase of the government feed-in tariff programme that stipulates selling electricity to the state-run electricity firm at 8.4 cents per kilowatt/hour for 25 years as of the operation date, the company added.
On Tuesday, B Investments said that Infinity Solar tied up the 30-megawatt solar power plant “MMID” to the national electricity grid.
The renewable energy developer started the trial and test operations and is set to be fully operated within 45 days.
Infinity Solar will also link the 500-megawatt solar plant “Bseb” to the national electricity network in 10 days prior to the end of December. The company will link the 50-megawatt plant “Phoenix” with the national grid as well.
B Investments previously posted a 52.8% year-on-year rise in consolidated profits for the first nine months of 2018.
Net profit stood at EGP 147.84 million in the nine-month period ended September, compared to EGP 96.75 million in the year-ago period, including minority shareholders’ rights.
