By: Nada Badawi
Planet Investment Banking (PIB) plans to form Emerging Power through a joint venture with leading service provider in the renewable energy sector Solarpraxis.
“The development of solar power in Africa is crucial,” said CEO of PIB Ahmed El Houssieny.
(AFP Photo)
“The new solar plants that we are developing will use cutting-edge German technology to provide much needed electricity to consumers in Kenya and Uganda,” he continued.
PIB will hold a controlling equity stake in Solarpraxis.
According to the release, “Emerging Power is currently in the process of establishing a 100 MW solar plant in Uganda and an 80 MW plant in Kenya”.
El Houssieny stated that “Emerging Power’s goal is to become the leading solar power player in emerging markets with a targeted capacity of 1GW by 2018”.
The Berlin-based company, Solarpraxis, provides expertise to clients in the technical and engineering aspects of renewable energy.
PIB, founded by MENA’s banking and finance experts, is a regional investment bank which offers services to MENA companies and global firms in the Arab world.
PIB extends its services to manufacturing, commercial, retails and services industry.
