News

Egypt and China Sign MOU for $2 billion Solar Panel Factory

mm
Egypt and China Sign MOU for $2 billion Solar Panel Factory

Photo Credit: Reuters

Egypt’s ministry of military production and the Chinese GCL Group signed a memorandum of understanding (MOU) in the aim of building a solar panel facility that would cost $2 billion.

Although only vague terms of the project have been announced, Al Ahram reported that the MOU was signed on Wednesday.

Egypt has been opting for projects with a focus on renewable energy since 2014. In 2017, there was asurge in investements in solar energy projects and earlier this year, Egypt established plans to build the world’s largest solar energy park near Aswan.

This planned facility in particular is said to carry the possibility of building panels of capable of producing 5 gigawatts (GW) per year, according to Reuters.

The country which is fortunate enough to have strong sun all year round aims to meet 20 percent of its energy from renewable sources, such as wind and sun, by 2020.

Solar panels have been increasingly put up in universities, parks and villages with some smaller ones even attached to light posts in areas such as Heliopolis.

S&P Upgrades Egypt's Sovereign Credit Rating To B From B-
Egypt Opens Rafah Crossing for 4 Days

Subscribe to our newsletter


News
mm

Cairo-based and with nine years of experience in journalism, Sara is deputy editor-in-chief and managing editor of Egyptian Streets. She holds two Bachelors (Egyptology and Journalism) from the American University in Cairo (2011). Her interests include history, comparative archaeology, gender, religion, minority rights, science fiction, and the environment.

More in News

Egyptian Superstar Mo Salah Wins Premier League Golden Boot and Playmaker Award

Shereif Barakat22 May 2022

No Cases of Monkeypox Reported in Egypt: Preventive Medicine Sector

Egyptian Streets22 May 2022

Egypt Reaches Water Poverty Stage: Local Development Minister

Shereif Barakat21 May 2022

Egypt Bids Farewell to Veteran Actor Samir Sabry, Aged 85

Egyptian Streets20 May 2022

Central Bank of Egypt Raises Interest Rates by 2%

Marina Makary19 May 2022

Egypt to Open Airport Near Pyramids in July

Shereif Barakat19 May 2022

Egypt’s Vision to Increase Private Sector Investments to 65% in 3 Years

Egyptian Streets16 May 2022

Egypt Plans Digital Process for Establishing Startups

Shereif Barakat16 May 2022