- Press Releases
August 30 (Renewables Now) - The Egyptian government is said to be in talks with Chinese companies on a plan to establish an industrial complex in the Arab country with a capacity to produce 1 GW of solar power components, news agency Asharq said on Monday.
The investments, required for the project, are estimated at USD 2.3 billion (EUR 2.3bn), the report says, citing four government sources.
The parties involved in the talks are discussing potential financing of the initiative through a loan that will be provided by Chinese banks and repaid by the Egyptian government over a certain period, one of the sources told Asharq.
The reported plan for local production comes amid growing concerns about the fate of solar projects in Egypt against the background of an acute lack of components. The Solar Energy Development Association (SEDA), which supports the solar energy market in Egypt, on Sunday warned that the shortage of equipment such as solar cells, transformers, solar heaters, and cables, is putting the realisation of projects across the country at risk.
(USD 1 = EUR 1.001)