Back to the complete issue
Thursday, 31 March 2022

Offers roll in for the management of EV charging station company

Fourteen firms are vying to manage the state’s planned EV charging firm, Al Mal quoted Public Enterprises Minister Hisham Tawfik as saying. Bidding for the project closed at the end of last week.

Who’s bidding? Our friends at renewable energy giant Infinity have submitted an offer, a company representative confirmed to Enterprise. A consortium of MB Engineering EV charging subsidiary Sha7en (which recently signed an agreement to manage and operate 30 EV charging stations owned by defunct Revolta Egypt) and an unnamed French company is also in the running, Al Mal claims, citing unnamed sources. Saudi’s AlSharif Group and an unnamed Emirati firm have also submitted bids, the local outlet reports.

What they’re signing up for: The private sector partner selected to manage and operate the company will be locked in with a medium-term contract for its services, in exchange for a portion of the company’s net income. The operator will also be required to put up 25% of the JV’s capital. The company will set up 3k charging stations within 18 months around the country including in Greater Cairo, Alexandria and Sharm El Sheikh.

The company will be majority-owned by the private sector: Another 30% of the company will be offered to private sector firms, in addition to the 25% stake owned by the operator.

SFE, El Nasr + other state entities to split the remainder: The Sovereign Fund of Egypt, the Public Enterprises Ministry (via El Nasr Auto) and two other state entities will share the remaining 45% of the company, according to Al Mal. Each stakeholder will put up a corresponding portion of the venture’s initial EGP 150 mn capital, with another EGP 300 mn to be raised from local banks.

What’s next? The Public Enterprises Ministry is examining the offers. It will give priority to firms that have experience managing similar projects.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.