China’s GCL signs pact for 5-GW PV factory in Egypt

May 10 (Renewables Now) – China’s Golden Concord Ltd (GCL) has entered into a memorandum of understanding (MOU) with Egypt’s ministry of military production that outlines a plan to build a 5-GW solar panel factory, state-run news agency MENA said.

The pact envisages building the photovoltaic (PV) production facility at a total cost of up to USD 2 billion (EUR 1.68bn). The Chinese party will provide know-how and training to local technicians for work at the planned factory. A location for the plant has not yet been unveiled.

Minister Mohamed El-Assar has also stated that the two sides will collaborate on research and development (R&D).

Egypt has set a goal of meeting 20% of its energy consumption with renewables by the end of the decade.

(USD 1.0 = EUR 0.841)

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