- GCL Group and Kemet Industries will invest USD 700 million to establish battery and solar PV manufacturing in Egypt.
- The projects will boost local supply chains and position Egypt as a regional hub for clean energy manufacturing.
Cornex New Energy Co., Ltd., a subsidiary of China’s GCL Group, has announced major investments in Egypt’s renewable energy manufacturing sector. The company is partnering with Egypt-based Kemet Industries Group to build large-scale energy storage battery and solar photovoltaic (PV) facilities worth a combined USD 700 million.
Under the agreement, Cornex will invest USD 200 million to establish a 5 GWh energy storage battery plant in Egypt. The proposed facility will use Cornex’s battery manufacturing technology and will supply the Egyptian market as well as regional demand in the Middle East and Africa.
Seperately, Suzhou GCL Photovoltaic Technology Co., Ltd. will invest USD 500 million to build an integrated solar PV industrial base. The project will cover approximately 280,000 square metres and will integrate both solar cell and module production stages. Planned annual output will reach 5 GW once operations begin.
The PV facility will strengthen Egypt’s solar manufacturing ecosystem and reduce dependence on imported components. Lower production costs are also expected to improve the economics of utility-scale and commercial solar projects across the country.
These investments align with Egypt’s industrial strategy to position itself as a regional hub for clean energy manufacturing. The country aims to supply fast-growing markets in the Middle East and Africa while creating domestic jobs and supporting national renewable deployment.