- Prime Minister Mostafa Madbouly met SunRev Solar’s Managing Director to review a $100m proposal for a solar component factory in Egypt.
- The project will support Egypt’s goal of generating 42% of power from renewables by 2030.
Prime Minister Mostafa Madbouly met with He Fei, the Managing Director of SunRev Solar, at the government headquarters in the New Administrative Capital on Sunday, September 7, to discuss plans for localising renewable energy component manufacturing in Egypt.
In addition, the government aims to partner with global technology leaders and expand domestic production of renewable energy equipment to generate 42% of electricity from renewables by 2030.
Meanwhile, Madbouly reaffirmed the government’s commitment to industrial cooperation, noting that he has already held several meetings with international firms to explore proposals for localising advanced technologies and manufacturing capacity.
Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), said the zone recently attracted several Chinese companies specialising in renewable energy components. He emphasised SCZONE’s central role in driving Egypt’s clean energy ambitions.
Furthermore, He Fei presented SunRev Solar’s plan to build a large-scale manufacturing facility in Ain Sokhna within the SCZONE. The project will cover 100,000 square meters and unfold in two phases. In the first phase, the company will invest about $100 million to produce 2 GW of solar cells and 2 GW of solar modules, with operations scheduled to begin in early 2026. The company will expand production in the second phase to include another 2 GW of solar modules and 2 GW of silicon wafers.
Fei explained that SunRev Solar could export the first-phase output or sell it to the Egyptian government in local currency to support national solar projects. He also proposed a model where the company would build and operate solar power plants using its components and those sourced from other SCZONE firms, then sell the electricity to the government.
Minister of Electricity and Renewable Energy Mahmoud Essmat welcomed the proposals. He said the ministry is open to buying locally produced components and exploring long-term cooperation on solar power plants and electricity purchase agreements.
Madbouly closed the meeting by directing SunRev Solar to submit detailed financial proposals. He also instructed the Minister of Electricity to work closely with the company, particularly on land allocation for potential projects.