A group of companies from Egypt, the UAE, Bahrain, and China have signed a land usufruct contract for a USD 220 million (EGP 11 billion) industrial complex in the Suez Canal Economic Zone (SCZONE). The facility is set to produce solar cells, panels, and energy storage systems.
The agreement was signed in the presence of Egyptian Prime Minister Mostafa Madbouly.
“The SCZONE represents an integrated platform for global investment and a regional hub for the green economy,” Madbouly said, noting the political leadership’s support for attracting quality investments, especially in advanced industries and renewable energy projects.
Atom Solar Egypt
The industrial complex is a partnership between Egyptian, Emirati, Bahraini, and Chinese investors, called Atom Solar Egypt. The complex will be built on a 200,000-square-metre area in the Sokhna industrial zone.
The Atom Solar project will have a production capacity of 2 gigawatts (GW) of solar cells, 2 GW of solar panels, and a 1 gigawatt-hour (GWh) energy storage systems factory, the office of Madbouly said in a statement.
The project is planned to be completed over three years and will attract a total investment of USD 220 million. In addition, it is expected to create 841 direct jobs. It also aims to gradually increase the local content of its products by relying on Egyptian inputs such as aluminium and glass.
Solar Cells for the Global Market
The entire output of the solar cell factory will be allocated for export to global markets. However, the solar panel factory’s production will be directed to the local Egyptian market, along with regional markets in the Middle East and Africa.
The investment partnership involves several key players, including China’s JA Solar as the technical investor, AH Industrial Management representing the Egyptian side, Global South Utilities from the UAE, and Infinity Capital from Bahrain.
Chinese firm JA Solar is among the world’s leading manufacturers of high-efficiency solar energy products, with business in more than 165 countries. Recently, the firm also signed two module supply agreements with JUWI Renewable Energies for a pair of landmark solar power projects in South Africa totalling 220MWac.
