Regional investment bank Planet Investment Banking has joined a group of Egyptian and Arab investors and German renewable energy service provider Solarpraxis to form Emerging Power NV.
Planet Investment Banking will hold a controlling equity stake in the new joint venture, which is investing a total of $200 million in African solar power projects. Emerging Power is currently in the process of establishing a 100 MW solar plant in Uganda and an 80 MW plant in Kenya.
‘The development of solar power in Africa is crucial,’ says Ahmed El Houssieny, CEO of Planet Investment Banking. ‘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.’