Arab Finance: Dr. Mostafa Madbouly, Prime Minister, witnessed the signing ceremony of a memorandum of understanding regarding the establishment of two factories, one of which is to manufacture solar energy cells with a capacity of 2 gigawatts. The other is to produce solar panels with a capacity of 2 gigawatts; This is between the Egyptian Ministry of Industry, represented by the Industrial Modernization Center, and the two companies: “Global South Utilities of the Emirates” and “JA Solar of China.”
Madbouly added that the memorandum of understanding contributes to enhancing the implementation of Egypt’s Sustainable Energy Strategy 2035; To meet the growing demand for energy, improve efficiency, shift towards renewable energy, and enhance energy security, in addition to contributing to the development of clean energy infrastructure, it also seeks to provide effective solutions for energy storage that meet the needs of both markets. Local and regional, which contributes to promoting sustainable development and achieving environmental and economic goals.
On the sidelines of the signing, Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said that the role of the Industrial Modernization Center in the memorandum of understanding is to provide support in providing data and information related to the establishment of two factories, one to manufacture solar energy cells with a capacity of 2 gigawatts, and the other to produce 2 GW solar panels, including investment incentives, taxes, utilities, provision of local supply chains, support in arrangements and discussions with potential local partners and suppliers, as well as support in discussions with relevant parties on incentives required.
The Minister also stressed the government's keenness to enhance efforts to efficiently use new and renewable energy sources to meet the country's needs, and within the framework of the Ministry of Industry's plan to encourage green industries to represent 5%? GDP by 2030 and deepening local manufacturing of new and renewable energy production requirements, especially solar and wind energy.
He pointed out that, according to the memorandum of understanding, the UAE company, Global South Utilities, is committed to providing various means of support necessary for the Chinese company “JA Solar” to complete the feasibility study, as well as coordination between the Industrial Modernization Center and the Chinese company regarding all government incentives required to establish the two aforementioned industrial facilities.
The Deputy Prime Minister for Industrial Development explained that, according to the memorandum of understanding, the Chinese company specialized in renewable energy will work to complete the study of establishing two factories to produce solar cells, the first with a production capacity of up to 2 gigawatts for the purpose of export, with a total expected investment of up to 138 million dollars, and the second with a production capacity of up to 138 million dollars. To 2 gigawatts to meet the needs of the local market (provided that the assembly of solar panels begins and then the local component of glass and aluminum is increased) with a total investment of up to 75 million dollars.
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