For a $ 2 billion investment, China’s GCL Group will install a solar panel manufacturing plant in Egypt. This project was formalized by the signing of a memorandum of understanding between the group and the country.
According to the newspaper Al-Ahram, the location of the infrastructure and the duration of its implementation had not yet been revealed. However, we now know that will produce solar panels that will build up to 5 Gigawatts of electricity.
This signing gives new impetus to the renewable energy sector in Egypt. It should be noted that since 2014, the country has set itself the goal of setting up wind and solar power plants of 4.3 GW in three years. An objective that could not be achieved by the country because of the withdrawal of several investors due to contractual difficulties.
That said, by 2022, the country aims to increase the share of renewable energies in its energy mix by up to 20%.
In this sense, he recently inaugurated the first power station of the solar complex of Benban. Designed to provide a capacity of 1.6 Gigawatt, this infrastructure is currently considered the largest solar park in the world.