With the completion of a 0.5MW solar station this December, Cairo Solar managed to capture 12% market share in this year’s 12.5MW EGP170m non-utility scale market.
Cairo, Egypt: Cairo Solar today announced the commissioning of a 495KW pv solar system at Mamiba Cosmetics’ factory in 6th of October. The solar system is fully owned by Mamiba which is expected to save EGP 1.1m in its first year. Cairo Solar managed to assist Mamiba in financing the project at extremely low interest rates. With 5 major projects under its belt, Cairo Solar has managed to install 1.5MW amounting to EGP25m during 2019. The most prominent projects were a 0.66MW solar station for Rockal Rockwool Insulation and Mr.Hisham El Sewedy’s Al Hayah Academy for 0.38MW.
Hatem Tawfik, Managing Director at Cairo Solar estimates the total solar sector’s capacity installed since 2014 at 1.7GW, of which 12.5MW were completed in 2019 “behind the meter” for the private sector clients; such as factories, schools, and hotels. Out of approximately 300 registered solar companies in Egypt, Cairo Solar managed to capture a 12% market share in the On-Grid solar market in 2019.
“Clients such as Mamiba have decided to install solar due to increasing electricity price and low-interest-rate solar loans and grants. As of this year, installing solar for your factory, school, or hotel has a 4 year payback period and a project IRR of 25% to 35%” says Hatem.
“This station will help us save nearly 100% of our electricity needs, removing the ‘energy expense’ item from our cash flow completely.” Says Mina Maged, VP at Mamiba Care.
Features and benefits of the 495KW solar station include 25 year lifetime with minimal maintenance and 5 year Low interest rate. In addition, Mamiba Care’s Cashflow remain stable as what they will save from electricity is equal to what they pay in installments.
Cairo Solar financial solutions for solar systems are available for companies that have strong financials such as Mamiba Care.