Capton Energy, a new joint venture between Siemens’ financing arm, Siemens Financial Services, and Saudi-based solar energy firm Desert Technologies, plans to invest $25m in new and existing solar energy projects in Egypt.
Desert Technology holds 51% of Capton Energy and Siemens holds the rest. They aim to build a 1GW portfolio of clean energy projects across Africa, the Middle East and Asia, and is in talks with international lenders over financing.
Foreign investments in the Egyptian energy sector over two years amounts to 8 billion dollars. Egypt aims to generate 42% of its electricity from renewable energy sources by 2030, where it currently amounts to 20%.
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