(MENAFN- Daily News Egypt) A significant partnership aimed at boosting Egypt's renewable energy sector was solidified on Tuesday with the signing of a contract for the establishment of a solar panel manufacturing plant. The agreement, signed at the Arab Organization for Industrialization (AOI) headquarters, marks the collaboration between the Arab Renewable Energy Company (ARECO), a subsidiary of the AOI, and Sweden's Sunshine Pro. This initiative aligns with Egypt's vision to enhance its local industry, particularly in renewable energy and electrical equipment manufacturing.
The project is part of Egypt's National Strategy for Integrated and Sustainable Energy, which seeks to raise the share of renewable energy in the country's energy mix to 42% by 2030 and over 60% by 2040. This strategy reflects the nation's commitment to keeping pace with global advancements in renewable technologies, energy storage systems, and the expansion of new and renewable energy sources.
The solar panel manufacturing plant represents a collaborative effort between the Ministry of Electricity and Renewable Energy and the AOI. The initiative aims to localize advanced technology, enhance local manufacturing capacities, reduce reliance on imports, and attract foreign investments in partnership with international companies. This project aligns with Egypt's urgent plan to increase renewable energy production, minimize reliance on fossil fuels, and reduce carbon emissions. It also supports the private sector's role in driving Egypt's sustainable development, with clean energy at its core.
Minister of Electricity and Renewable Energy, Mahmoud Esmat, emphasized the importance of continued coordination with all relevant entities to expedite renewable energy projects. He reaffirmed the Ministry's commitment to supporting both local and foreign investments in clean energy projects, including solar panel manufacturing.“We are focused on enhancing the national grid's capacity and diversifying energy sources to improve electricity supply, reduce carbon emissions, and cut down on traditional fuel consumption,” Esmat said, highlighting the critical role that solar energy will play in Egypt's future.
Mokhtar Abdel Latif, Chairperson of the AOI, expressed pride in the partnership with the Ministry of Electricity and Sunshine Pro.“This agreement is a significant milestone in our efforts to promote the 'Made in Egypt' brand and strengthen our position in the global renewable energy market,” Abdel Latif stated. The project will see the establishment of the Arab-Swedish Energy Factory (ASEF), an automated solar panel manufacturing facility with an annual production capacity of 1 gigawatt, meeting the highest global quality standards.
Abdel Latif further outlined the AOI's ambitious plans to meet the increasing demand for solar energy equipment in both local and African markets.“This project marks just the beginning of our collaboration with Sunshine Pro,” he added.“We are committed to developing integrated, smart solutions in renewable energy manufacturing to ensure we meet the growing demand for high-quality, cost-competitive products.”
Abdel Latif emphasized that the AOI's efforts would not only serve local markets but also aim to create competitive advantages for solar energy equipment production across Africa and the Arab world.“We intend to expand our manufacturing capabilities using modern digital systems, ensuring that our solar panels are of the highest quality and can compete in international markets,” he noted.
Yehia Metini, Chairperson of Sunshine Pro, expressed his appreciation for the partnership, noting the AOI's long-standing leadership in industrial development. Metini highlighted his company's commitment to technology localization and the joint goal of meeting the renewable energy needs of Egypt, the Arab world, and Africa.“This partnership represents a tremendous opportunity to boost the Egyptian economy, and we are excited to be part of this project,” he stated.
The collaboration focuses on the design and implementation of a state-of-the-art, automated solar panel manufacturing facility, leveraging AOI's national manufacturing expertise while adhering to the highest global quality standards. Metini also noted that the project would open new export opportunities for the Egyptian economy, especially in the global renewable energy market.
The signing ceremony was attended by key figures, including Abdel Rahman Abdel Azim Osman, General Manager of the AOI; Ghada El-Gendy, Executive Director of the Arab Renewable Energy Company; and Essam Sheikh El-Ard, Secretary-General of the Arab Union for Alternative Energy and Green Economy, all of whom expressed their support for the project and its alignment with Egypt's broader energy strategy.
MENAFN24122024000153011029ID1109028658
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.