Oil Egypt accountACCOUNT King Tut

Egypt & China's GCL Signs MOU for $2B Solar Panel Factory

Source: Reuters 5/10/2018, Location: Egypt

Share |
China’s GCL Group has signed a memorandum of understanding (MOU) with Egypt’s ministry of military production to build a solar panel facility at a cost of up to $2 billion, state-run newspaper Al-Ahram reported.

Under the MOU, which was signed on Wednesday, the facility will manufacture panels capable of producing 5 gigawatts (GW) annually, it said, without mentioning the location or timeframe of the project.

Egypt in 2014 announced extensive plans to develop renewable energy targeting 4.3 GW of wind and solar projects to be installed over three years, but many investors pulled out following contract disputes.

Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022.

President Abdel Fattah al-Sisi, a former general who took office in 2014, has promised to revive the economy, which has struggled since a 2011 uprising scared away investors and tourists, Egypt’s main sources of foreign currency.

He has called in the military to assist in major infrastructure projects and with distribution of subsidised commodities to help curb price rises.

The economic weight of the military, which produces everything from bottled water to macaroni, has long been a topic of speculation in Egypt but official comment on its economic activities is rare.

Sisi said in March that the military’s economic activities were equivalent to 2-3 percent of GDP, well below the more than 50 percent that some have claimed.



Egypt >>  10/31/2018 - Egypt’s state-owned Middle East Oil Refinery Company (Midor) has signed a $1.2 billion loan agreement with three international, the petroleum ministry...
Egypt >>  10/26/2018 - Minister of Petroleum and Mineral Resources Tareq el Molla discussed with President and CEO of Malaysia’s Petronas Wan Zulkiflee means of boosting the...

Egypt >>  10/24/2018 - Egypt's Minister of Petroleum Tarek El-Molla has announced that Egypt will offer the first bid on oil and gas excavation in the Red Sea before the end...
Egypt >>  10/24/2018 - TransGlobe Energy Corporation (TransGlobe) announces an operations update. All dollar values are expressed in US dollars unless otherwise stated. ...

Egypt >>  10/22/2018 - Apex International Energy, an independent oil and gas exploration and production company focused on Egypt and other Middle Eastern and North African c...
Egypt >>  10/20/2018 - An oil well in the West Nile Delta Project's 9b phase started production, the Ministry of Petroleum and Mineral Resources said in a statement. ...

Related Categories: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

Related Articles: General  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us