Cairo Solar Calls on Government to Activate Commercial Financing for Small-Scale Solar Power Plants

Cairo Solar Calls on Government to Activate Commercial Financing for Small-Scale Solar Power Plants

Engineer Hisham Tawfik, Chairman of Cairo Solar for Solar Energy, has urged the government to expedite the activation of commercial financing for the establishment of small-scale solar power plants on rooftops.

Speaking at the first annual conference on environmental solutions, Tawfik highlighted that many remote and desert areas lack proper electricity networks, making it essential to develop more solar power stations.

He stated that if there is a strong push towards installing solar power plants on rooftops, returns could reach up to 33% compared to current rates. He also noted that the Minister of Electricity has promised to reconsider the feed-in tariff for renewable energy in October.

Tawfik pointed out that Germany generates 40 gigawatts of solar energy, with 16 gigawatts coming from small-scale rooftop installations. He emphasized that Egypt’s solar irradiation levels are comparable to, or even higher than, those in Germany.

He estimated that solar energy projects require around $270 million annually in foreign currency for 15 years, decreasing to $140 million in the final year of loan repayments.