Solarpraxis (Berlin, Germany) and Planet Investment Banking have joined Egyptian and Arab investors to form a new joint venture that will invest USD 200 million in solar photovoltaic (PV) projects in Africa.

Planet Investment Banking holds a controlling equity stake in Emerging Power NV, which is currently developing a 100 MW PV plant in Uganda and an 80 MW PV plant in Kenya.

“The development of solar power in Africa is crucial,” said Planet Investment Banking CEO Ahmed El Houssieny. “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.”

PV to meet electricity needs in Africa, prevent hydro projects

Planet Investment notes that the current imbalance between electricity demand and supply in Sub-Saharan Africa is growing, citing a 5-8% annual increase in electricity demand in Kenya.

The company also notes that large PV plants can provide an alternative to hydroelectric dams on the Nile, a source of international tension.

Goal of 1 GW in emerging markets by 2018

Emerging Power has a goal to install 1 GW of PV in emerging markets by 2018. Planet Investment stresses the advantages of its partners, stating that Solarpraxis' presence will ensure that Emerging Power's PV plants adhere to the highest global technical specifications.

2013-03-07 | Courtesy: Planet Investment Banking; Image: German Association for International Corporation | solarserver.com © Heindl Server GmbH

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