Creative Power Solutions (CPS) and Absolicon is setting up a production line for solar thermal collectors in Egypt with an investment of €5.4m.
The project, which is the first of its kind in the MENA region, obtained €2.7 million in funding from KfW Development Bank through the Facility Investing for Employment, according to Majed Toqan, Chief Executive Officer of CPS, who spoke with Zawya Projects (IFE).
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Remarks on the production line project for solar thermal collector in Egypt
Toqan said, “Absolicon will contribute €1 million, and we are negotiating with Bank Misr to borrow the remaining funds. The first quarter of 2023 will see the beginning of construction. While the first quarter of 2024 will see the beginning of production.”
According to him, the plant would be constructed on a 2,500 square meter block of land in Sadat City. It would promote the use of renewable energy while also generating employment opportunities in a variety of business sectors.
Sweden-based Absolicon is providing marketing, technical, development, and technical training support for the solar thermal collector production line. According to Toqan, the plant is planned to provide 91 direct jobs. In addition, 264 indirect job possibilities will be provided, with 70% of the components coming from local suppliers.
Rauf Khalaf, IFE’s Managing Director of Investing for Employment, said, “We are dedicated to working together to improve climate technology innovation. In order to facilitate a route toward clean and green energy. As more than 50% of the world’s demand is met by thermal energy, which generates 40% of CO2 emissions.”
Absolicon announced in a press release on recently that one of CPS’ clients had signed a long-term contract to improve the performance of a 600 MWe (megawatt electrical) thermal power plant.
The statement said, “The newly constructed production line will initially build solar collectors for a 14,000 square meter installation at the power plant that is equivalent to a 7 MW thermal system.”
