Cairo – Mubasher: B Investments Holdings is considering acquiring up to a 50% stake of a 50-megawatt solar power plant in Aswan's Benban solar park.
The Cairo-based private equity firm has raised around $15 million to $20 million to close the possible transaction, B Investments’ chairman told Almal News.
The company is set to enter the transaction in the first quarter of 2019, Hazem Barakat added.
By investing in this solar plant, the Egyptian private equity company will be holding stakes in four plants at Benban solar park, he highlighted.
The company already owns shares in three solar plants at the park with a total production capacity of 130 megawatts through its subsidiary Infinity Solar.
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.
