China's GCL signs pact for 5-GW PV factory in Egypt
The 20-MW Toshka solar park. Photo By: Complete Energy Solutions (www.complete-eng.com).
China’s Golden Concord Ltd (GCL) has entered into a memorandum of understanding (MOU) with Egypt’s ministry of military production that outlines a plan to build a 5-GW solar panel factory, state-run news agency MENA said.
The pact envisages building the photovoltaic (PV) production facility at a total cost of up to USD 2 billion (EUR 1.68bn). The Chinese party will provide know-how and training to local technicians for work at the planned factory. A location for the plant has not yet been unveiled.
Minister Mohamed El-Assar has also stated that the two sides will collaborate on research and development (R&D).
Egypt has set a goal of meeting 20% of its energy consumption with renewables by the end of the decade.