Egypt secures $220M from domestic, Gulf, Chinese investors for solar project
Foreign investment from three countries comes at a pivotal time in Egypt’s recovery from its worst financial crisis in over six decades.
On Wednesday, Egypt signed a partnership deal worth $220 million with investors from Egypt, Bahrain, the United Arab Emirates and China to develop a solar energy project in the Suez Canal Economic Zone (SCZONE).
What happened: The Atom Solar Egypt project involves the construction of an industrial complex spanning a 200,000-square-meter area in the Sokhna Industrial Zone within the SCZONE. It will include a factory to produce solar cells and panels generating up to 2 gigawatts of energy, along with a storage systems factory capable of storing 1 GWH of electricity, according to a statement from Egyptian Prime Minister Mustafa Madbouly’s office released on Wednesday.
Madbouly attended the signing ceremony for the deal on Wednesday, along with Minister of Industry and Transport Kamel El-Wazir, and General Authority for the Suez Canal Economic Zone Chairman Walid Gamal El-Din.
The contract was signed by Teda Managing Director and board member Tsao Hui, CEO of UAE-based Global South Utilities Ali Al-Shimary, and founder of Atom Solar Egypt Ahmed Abou Hashima. Teda is the company associated with the China-Egypt Teda Suez Economic Zone in the SCZONE. The Teda zone was established in 2009 and is home to around 185 companies affiliated with Egypt and China.
