New Scenarios: Replacing Cairo Solar’s Public Offering with a Private One
Hesham Tawfik: Decision Hinges on Power Purchase Agreement and Timing
With ongoing developments in renewable energy projects and the uncertainty surrounding the power purchase agreement, the possibility of withdrawing Cairo Solar’s initial public offering (IPO) has emerged.
Hesham Tawfik, Chairman of Cairo Solar, told Al Borsa that the company’s board is considering replacing the public offering with a private placement outside the stock market. This decision follows delays in signing the power purchase agreement and unresolved issues awaiting responses from relevant authorities.
Tawfik stated that the final decision on the IPO will be made after signing the power purchase agreement and assessing whether the timing aligns with the project execution plan. He noted that the IPO process is lengthy and could further delay the solar energy project, making private investment a more viable alternative.
The planned 50 MW solar power plant, located in Benban, Aswan, is estimated to cost around $75 million.
