Arab FinanceThe Arab Renewable Energy Company, affiliated with the Arab Organization for Industrialization, and the Swedish company Sunshine Pro will begin operating their joint factory to produce solar panels next July, according to what Al Mal newspaper reported.
It is expected that the production capacity of the factory will reach 1 gigawatt by July 2026. Also, the investment cost of the factory may range between 200 and 300 million dollars, without providing further details regarding how the two companies will participate in financing the project or whether there are other parties that will participate in it.
The factory will allocate its entire production to export to European markets, ensuring the provision of hard currency necessary to import raw materials. Localizing the production of solar energy components is a top priority for the government, which announced last October that solar cells are among 12 industries that it aims to begin localizing locally, within the framework of A broader plan to localize 152 industries by 2030.
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