- CPS ordered the unit with €2.7 million in funding from Kreditanstalt für Wiederaufbau (KfW), the German development agency.
- In addition, the global market for large-scale solar heating is estimated by the International Renewable Energy Agency (IRENA) to be worth €800 billion of investment in the industry by 2050.
Absolicon Solar Concentrator, The Härnösand, Sweden-based company, will install a solar collector production unit in Egypt. The Swiss company Creative Power Solutions (CPS) production line will be produced at the cost of €3.7 million; CPS ordered the unit with €2.7 million in funding from Kreditanstalt für Wiederaufbau (KfW), the German development agency.
Managing Director of Creative Power Solutions, Majed Toqan, said, “With a total investment cost of €5.4 million, the local production of the manufacturing plant will enable knowledge transfer while stimulating the deployment of renewable energy and creating jobs in various industries”. Under a framework agreement signed in January 2022, making CPS the exclusive partner of Absolicon in Egypt, the unit will produce Absolicon T160 sensors. Production of its solar collectors will begin in 2024, with a project equivalent to 14,000 m2 of collectors. Also, CPS wants to exploit the industrial potential of this process, which concentrates the sun’s rays to produce heat.
As Egypt becomes more industrialised, factories are being built in the Suez Canal Economic Zone and other parts of the country that use heat in their industrial processes. In addition, the global market for large-scale solar heating is estimated by the International Renewable Energy Agency (IRENA) to be worth €800 billion of investment in the industry by 2050.