By: AGBI

A group of companies from Egypt, the UAE, Bahrain and China has signed a land deal with the Egyptian government to develop solar cells, panels and energy storage systems in the Suez Canal Economic Zone.

The $220 million Atom Solar Egypt facility is set to be established in the Sokhna Industrial Zone, according to a statement from the Egyptian cabinet.

The investors include China’s JA Solar, Egypt’s AH Industrial Management, UAE-based Global South Utilities and Bahrain’s Infinity Capital.

Covering 200,000 sq m, the complex will produce 2 gigawatts (GW) annually of solar cells and panels, alongside 1 gigawatt-hour of energy storage solutions.

The entire production of the solar cells will be exported, while the solar panels will cater to the demand in the Middle East and Africa.

The project aims to gradually increase the percentage of local components, such as aluminium and glass, thereby supporting localisation and reducing import reliance.

The construction is slated to be completed within three years, generating 841 direct jobs, according to the statement.

Earlier this year Kibing Group, one of China’s largest glass manufacturers, announced plans to invest nearly $685 million in a massive solar solar plant in Egypt.

Chinese companies are already major investors in Egypt’s trade and industrial zones, mainly the Suez Canal Economic Zone.