Qalaa Holdings announced Monday its first investment in generating solar energy through its subsidiary, Taqaa Arabia, in partnership with Hassan Allam Holdings through photovoltaic (PV) cells, at an investment cost of LE 1.35 billion.
The company clarified in a statement that Taqaa Arabia owns 60 percent of the solar power project, while Hassan Allam holds 40 percent of the project.
It further added that the revenues are expected to reach $10.8 million annually.
According to the statement, five international funding organizations headed by the International Finance Corporation (IFC) funded the project.
The statement referred that the trial operation will start by the end of the year, noting that electricity generation and the selling process will start by the beginning of 2019.
“The project contributes to the diversification of energy sources and reduces pollution,” the statement read.
Qalaa Holdings owns directly and indirectly 60.92 percent of Taqaa Arabia.
Founded in 2004, Qalaa Holdings operates within the diversified financial sector focusing on asset management and custody banks. It has companies operating across North America, the Caribbean, Northern Africa and Eastern Africa.
Hassan Allam Company works in the field of engineering, procurement & construction, building materials and utilities.