Egyptian Prime Minister Mostafa Madbouly on 27 August oversaw the signing of a land usufruct agreement for a $220 million (EGP 11 billion) industrial complex that will manufacture solar cells, solar panels, and energy storage systems within the Suez Canal Economic Zone (SCZONE).
The project “Atom Solar Egypt” is a partnership that brings together investment from Egypt, the United Arab Emirates, Bahrain, and China. The facility is planned on a 200,000-square-meter site in the Sokhna industrial zone.
In a statement from the Prime Minister’s office, it was confirmed that the new complex will house production capacity of 2 gigawatts (GW) of solar cells, 2 GW of solar panels, and a 1 gigawatt-hour (GWh) energy storage systems factory.
The contract was signed by TEDA-Egypt, Global South Utilities (GSU) from the UAE, AH Industrial Management of Egypt, and Atom Solar Egypt’s founder, Ahmed Abou Hashima.
The project will be developed over a three-year period, with the total investment of $220 million expected to create 841 direct jobs. Reports suggest that while the solar cell production will be channelled to export markets, the solar panel output will serve both Egyptian demand and regional markets across the Middle East and Africa. In addition, the developers intend to increase local content in the production cycle by incorporating Egyptian raw materials such as aluminium and glass.
The investment partnership features several prominent partners: China’s JA Solar as the technical investor, AH Industrial Management representing Egypt, Global South Utilities from the UAE, and Infinity Capital from Bahrain.
“The SCZONE represents an integrated platform for global investment and a regional hub for the green economy,” Prime Minister Madbouly said, underlining the government’s backing for advanced industries and renewable projects.
Walid Gamal El-Din, chairman of the SCZONE, described the project as a “qualitative leap” for Egypt’s solar energy sector. He stressed that the initiative demonstrates the zone’s success in attracting quality investment and building international partnerships that support the green economy.
JA Solar, established in May 2005, is recognised as one of the world’s largest manufacturers of high-efficiency solar products, with operations spanning more than 165 countries.