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Egypt has signed a memorandum of understanding (MoU) with the Chinese government for the construction of a 1GW solar power park, to be built in two 500MW phases, as well as a solar panels manufacturing facility.
The MoU calls for the Chinese government to fund the solar park and factory with $3.3bn of concession financing, according to Daily News Egypt. The Ministry of Military Production and the Ministry of International Cooperation were the Egyptian signatories to the deal.
The Chinese deal comes at a time when Egypt’s Ministry of Electricity is struggling to attract investment in its planned 4.3GW solar photovoltaic and wind power development program. China has already signed preliminary agreements with Egypt for two coal-fired plants expected to cost $4.6bn (MEES, 29 January). (CONTINUED - 270 WORDS)