Egypt in talks with Chinese cos to set up 1-GW solar components factory - report

Solar panels. Source: Ontility.

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)

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Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.

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