Egyptian Prime Minister Mostafa Madbouly on Wednesday witnessed the signing of a land usufruct contract for a $220m industrial complex. This industrial complex will produce solar cells, panels, and energy storage systems in the Suez Canal Economic Zone (SCZONE). The “Atom Solar Egypt” project is a partnership between Egyptian, Emirati, Bahraini, and Chinese investors. Additionally, the integrated industrial complex will be built on a 200,000-square-metre area located in the Sokhna industrial zone.
Additionally, the facility will have a production capacity of 2 gigawatts (GW) of solar cells and 2 GW of solar panels. Furthermore, it will have a 1 gigawatt-hour (GWh) energy storage systems factory. This was revealed by Madbouly’s office statement.
Atom Solar Egypt Project Factsheet
Name: Atom Solar Egypt
Location: Sokhna Industrial Zone within the Suez Canal Economic Zone (SCZONE), Egypt.
Total investment: $220 million
Project type: Integrated industrial complex for the production of solar energy components and systems.
Production capacity:
The complex will include three factories with the following annual production capacities:
- Solar cells: 2 gigawatts (GW)
- Solar panels (Modules): 2 gigawatts (GW)
- Energy storage systems (BESS): 1 gigawatt-hour (GWh)
The contract was signed by representatives of the developer TEDA-Egypt, Global South Utilities (GSU) of the UAE, AH Industrial Management of Egypt, and Atom Solar Egypt’s founder, Ahmed Abou Hashima.
Project Duration
The project is slated to be implemented over three years. Furthermore, the project boasts a total investment of $220 million and is expected to create 841 direct jobs.
The whole output of the solar cell factory will be allocated for export to global markets. However, the solar panel factory’s production will be channelled to the local Egyptian market and regional markets in the Middle East and Africa. Also, the project aims to gradually increase the local content of its products by relying on Egyptian inputs such as aluminium and glass.
Developers
The investment partnership involves a number of key parties. These parties include: 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.
“The SCZONE represents an integrated platform for global investment and a regional hub for the green economy,” Prime Minister Madbouly stated, noting the political leadership’s support for attracting quality investments, especially in advanced industries and renewable energy projects.
Significance of the Project
Furthermore, Gamal El-Din, chairman of the SCZONE, said the new project represents a “qualitative leap” towards localising the solar energy industry in Egypt and embodies the success of the zone’s strategy to attract quality investments and build international partnerships that support the green economy.
Egypt Emerges as a Top Solar Projects Investment Destination in Africa
Egypt is located at the ‘Sun Belt’ possessing some of the highest solar irradiance levels in the world. Many leading solar energy infrastructure developers such as AMEA Power have utilized this by establishing solar projects in the country. Furthermore, the country has some of the largest solar projects sites in Africa such as the Abydos 1 Solar Project and Kom Ombo Solar Plant
