Egypt starts $200mln solar energy complex in Ain Sokhna
Egypt's General Authority for the Suez Canal Economic Zone (SCZONE) has laid the foundation stone for a $200 million integrated industrial complex in the Ain Sokhna industrial zone, which focuses on the production of solar energy components.
The project is being developed by the Chinese company Sunrev Solar, within the scope of TEDA–Egypt, the industrial developer.
The complex will cover an area of 200,000 square meters, with total investments amounting to $200 million. The project will be implemented in two phases: the first phase involves $90 million to establish two fully integrated factories for the production of solar cells (2 GW capacity) and solar modules (2 GW capacity). The second phase, with an investment of $110 million, will focus on localising the production of key raw materials, including silicon ingots and silicon wafers, alongside expanded production of modules and cells. This value-chain integration will boost Egypt's capacity in this strategic sector.
The groundbreaking ceremony was attended by Wei Jianqing, General Manager of CA–TEDA Group; Cao Hui, Managing Director of TEDA, He Fei, Managing Director of Sunrev Solar, as well as senior SCZONE officials.
The project contract was signed in the presence of Prime Minister Dr Mostafa Madbouly and Vice Prime Minister for Industrial Development, Minister of Industry and Transport, Lieutenant General Kamel El-Wazir.
'SCZONE is proud to host one of the largest industrial investments in the renewable energy components sector. This project represents a significant step forward in localising advanced industries in Egypt and enhancing industrial integration in clean energy, particularly solar power,' Mr. Waleid Gamal El-Dien, Chairman of SCZONE, declared.
'The project is not only an industrial development, but also a major socio-economic milestone. It is expected to generate over 1,800 direct job opportunities across both phases, in addition to thousands of indirect jobs. The choice of Sokhna reflects its competitive advantages, including its strategic location, modern infrastructure, integration with Sokhna Port, and the incentives SCZONE provides. We are fully committed to facilitating the timely execution of this project, which is expected to begin operations in the first half of 2026,' Waleid Gamal El-Dien, Chairman of SCZONE, added.
'We would like to express our sincere appreciation to SCZONE for their continuous support of the project. We are bringing to Egypt our most advanced technologies in solar energy, to combine Chinese speed and Egyptian wisdom to efficiently achieve the project's objectives. Egypt was chosen as the destination for this investment due to its clear national vision towards a sustainable energy future.' He Fei, Managing Director of Sunrev Solar said. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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