Egypt joins forces with Swedish firm for solar panel project
Egypt’s Arab Renewable Energy Company (ARECO), a subsidiary of the Arab Organisation for Industrialisation, signed an agreement on Tuesday with Sweden’s Sunshine Pro to establish a joint solar panel manufacturing plant, according to the Cabinet statement.
The project will establish an automated solar panel production facility with a capacity of 1 GW annually, named Arab-Swedish Energy Factory (ASEF).
Mokhtar Abdel Latif, head of the Arab Organsation for Industrialisation, stated that the factory represents a key milestone in promoting the “Made in Egypt” brands and lays the foundation for future investment collaborations.
The partnership aligns with Egypt’s strategy to localise modern technologies, particularly in renewable energy and electrical equipment, as part of the national sustainable energy strategy that aims to increase renewable energy’s share in the energy mix to over 42 per cent by 2030 and more than 60 per cent by 2040.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama
