Beltone Capital and the Egyptian unit of France’s Total plan to spend about $100 million on the development of a 50-MW solar project in Egypt, said a report.

The duo has received the Ministry of Electricity’s approval for the project, reported the Daily News Egypt.

The list of firms prequalified to build 20-MW-plus solar parks in Egypt includes US-based First Solar Inc, Scatec Solar ASA of Norway, Italy's Enel Green Power and India’s Tata Power, it stated.

Beltone Capital aims to raise about $120 million through a private issuance of shares on the stock market this year. The size of the divested stake will be between 30 and 40 per cent, said the report.