Emirati resources investment firm Global South Utilities is among several players developing a USD 220 mn industrial complex for solar energy components in Egypt’s China-Egypt Teda industrial zone, after they inked the land usufruct agreement yesterday, according to a statement. The zone is located in the Suez Canal Economic Zone.

The details: The industrial complex — dubbed Atom Solar Egypt — will include three factories with a combined production capacity of 2 GW of solar cells, all of which will be exported; 2 GW of solar modules, which will feed the domestic and regional markets; and a 1 GWh energy storage systems plant. The project will be completed within three years and will create 841 jobs.

Who’s doing what? Chinese manufacturer of solar components JA Solar will act as technical investor, while Bahraini PE firm Infinity Capital and Egyptian AH Group’s roles were not disclosed.

We had an idea this was coming: GSU inked an MoU with JA Solar in November to establish two solar power factories — a solar cells plant and a solar panels plant. The complex comes as part of Egypt’s broader strategy to localize 12 strategic industrial components, which includes solar cells, alongside electric motors, control panels, elevators and others. The strategy aims to not only reduce the country’s import bill — and the resulting strain on FX resources — but to also export these components.

The story got ink from the foreign press: Reuters.

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