Egypt’s Solar Industry Gets a Boost

Key Figures & Findings: EliTe Solar, a leading global PV manufacturer headquartered in Singapore, has announced plans to build an 8GW solar cell and module manufacturing facility in Egypt’s Suez Canal Economic Zone (SCZONE). With an initial investment of $150 million, the project will be completed in two phases, with the first 2GW phase expected by September 2025. The company projects over $190 million in annual sales from this new facility, positioning Egypt as a critical hub for photovoltaic manufacturing in the MENA region. Derek Liu, EliTe Solar’s chairman, highlighted the project’s potential to strengthen local supply chains and introduce advanced solar technologies to the region.

Statistics & Insights: EliTe Solar aims to meet growing demand in markets like the U.S., where the Inflation Reduction Act promotes alternatives to China’s solar products. Egypt’s national renewable energy goal is to fulfill 42% of its energy needs through renewables by 2030.

Future Implications: This facility marks a significant step toward Egypt’s renewable energy ambitions, potentially diversifying its energy mix and reducing reliance on fossil fuels. As global demand for solar products increases, EliTe Solar’s presence could enhance Egypt’s role in international solar supply chains.

Source: PV-Tech