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Thursday, 4 August 2022

Bidding is still open for the EV charging private sector partner — with a reduced stake

Private sector partners can still get in on the new state EV charging company: Qualifying bidders looking to manage and operate the soon-to-be-established state company that will manage a network of electric vehicle charging stations now have until Wednesday, 31 August, to submit their offers, according to a Public Enterprise Ministry statement (pdf). Last we heard, bidding had closed in March.

Hassan Allam is on board: Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, is set to own 20% of the newly established firm, a source with first-hand knowledge of the situation told us, without disclosing what the company’s role will be.

The winning bidder won’t hold as much of the company as previously planned: The firm selected to manage and operate the company will contribute 20% of its capital, rather than the 25% the ministry announced earlier this year, a ministry source confirmed to Enterprise.

And the private sector will no longer control the company: The ministry originally said that 30% of the company would be sold to a private investor, in addition to the 25% given to the winning bidder. But under the plans announced by the ministry yesterday, the Sovereign Fund of Egypt (SFE) and state-owned Misr Ins. Holding will each own a 30% stake in the firm. This would give the private sector ⁠— HA Utilities + the winning company ⁠— just 40% of the company between them.

Who’s bidding? Fourteen firms were reported to be vying for the contract back in March, including our friends at renewables giant Infinity.

About the company: The EV charging station company will be tasked with setting up 3k charging stations within 18 months across the country, including in Greater Cairo, Alexandria, and Sharm El Sheikh.

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