CAIRO: EGX board member and chairperson of Arabeya Online Brokerage Hisham Tawfiq said Tuesday he would take public the shares of a new company that plans to produce up to 100 megawatts of solar power in the desert, Al-Ahram reported.
He said the company, which has yet to be named, has an estimated capital of 1 billion EGP.
Before his election President Abdel Fatah al-Sisi said he planned to fill the energy deficit and eliminate the 1,000-megawatt shortage in Egypt’s electricity system, which has caused frequent outages.
“Changing old lamps with new energy saving bulbs in Egyptian households would save 4,000-megawatts,” he said in an interview with a number of media personalities on May 3, adding that the saved energy could save millions of pounds that could be used for other subsidies in the state budget.
Citadel Capital announced last April that the company would set up the Citadel Company for Energy in Egypt, and that it was in the midst of “serious negotiations” with international institutions to establish the company, Mubasher News reported.
In an interview for Business Day program on CNN, Chairman of the Egyptian Exchange listed company said last May, “Citadel is currently establishing Citadel Energy to carry out a project in which financing institutions will inject $540 million.”