Egypt's AOI, Swedish Sunshine Pro ink contract to establish joint solar panel production facility
Updated 12/24/2024 12:10:00 PM
Arab Finance: The Arab Organization for Industrialization (AOI) and Swedish company Sunshine Pro have signed a contract to establish a joint solar panel production project, as per a statement.
The joint industrial project will establish a new production line for solar panels with a capacity of one gigawatt per year, under the name “Arab Swedish Energy Factory (ASEF).”
The project is expected to produce solar panels to meet the needs of both the local market and countries across Africa and the Arab world, with the potential to compete in the global market.
The manufacturing process will adhere to international quality standards, and the facility will be equipped with modern digital manufacturing systems to ensure high-quality production.
The new facility aims to boost Egypt's capacity in renewable energy production, supporting local industry and expanding market reach in Africa and the Arab world.
The project is aligned with Egypt’s national energy strategy, which aims to increase the share of renewable energy in the national energy mix to 42% by 2030 and 60% by 2040.
It also supports the country's efforts to reduce reliance on fossil fuels and curb carbon emissions by localizing the production of key electrical equipment, particularly in the renewable energy sector.
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