Egypt's Ministry of Military Production has approached a number of international financial institutions about financing a project for the production of solar panels from local silica sand and has received several proposals, Daily News Egypt reported on Friday.
The ministry got proposals from the European Bank for Reconstruction and Development (EBRD) and from Chinese and Korean institutions, the daily said, citing military production minister Mohamed Al-Assar.
The project involves the construction of a solar power plant and a factory to make solar panels from silica sand with an annual capacity of 1 GW. The total cost is estimated at about USD 2 billion (EUR 1.8bn), according to the article. The form of funding has not been decided upon and the financing proposals are yet to be studied.
In May, the Ministry of Military Production engaged the PSE German Alliance to carry out the technical and financial feasibility study, Daily News Egypt said.