Solar Cell Production Plant in Egypt ( Solar Thermal Magazine) – MegaCell, the leading Italian photovoltaic manufacturer, owned by Mega Group, and Misr Asset Management, the Cairo-based Investment Bank which provides fund management, investment advisory, portfolio management and private equity services and is owned by Egypt’s leading insurer Misr Insurance Holding Company announce together the signature of a Memorandum of Understanding for the construction of a 120MW/Year production plant of bi-facial high efficiency solar cells and modules in Egypt within 2015.
The Government of Egypt is committed to developing renewable energy projects to challenge CO2 emissions from fossil fuel consumption and it has set the target to establish 2300 MW of Photovoltaic (medium and large scale) projects of installed capacities in the range of 500 kW – 50 MW, to be achieved over the coming two years (2015-2016). In this respect, the Government of Egypt has recently announced a feed-in tariff program to enhance the development of the production of photovoltaic energy.
“I feel very excited about the potentials of this new project, particularly as Egypt embarks on a diversification of its sources of energy, with major emphasis on renewable energy in the next couple of years, said Mr. Hassan Abdel Hamid, Chairman and Chief Executive Officer of Misr Asset Management.
So far, several qualified investors have expressed strong interest in the project and we expect to start operations within June 2015. We are very happy to partner with MegaCell, one of the leading manufacturers in the industry worldwide. This project will also promote the transfer of technology to Egypt and help to create new jobs in Egypt and Italy
“MegaCell has decided to expand its activities to Egypt after studying the potentiality of the market and we are pleased to realize this project together with Misr Asset Management, which will be a key milestone for MegaCell development through our joint expertise and high quality and performance products ” said Mr. Franco Traverso, Chairman and Chief Executive Officer of MegaCell .
As the financial arm of Egypt’s top insurer Misr Insurance Holding Co, Misr Asset Management is the right partner for our expansion locally and in the MENA and COMESA areas. Through this strategic collaboration, MegaCell aims to rapidly expand its business in North Africa, setting up a vertical integrated photovoltaic (PV) production cluster in Egypt, starting from a manufacturing plant of 120 MW/y of bi-facial cells and modules, being responsible for supplying equipment and for transferring the relevant applicable technology. Misr Asset Management will actively collaborate with MegaCell to source interested partners and investors.
The Parties have signed a Memorandum of Understanding on the occasion of the official visit to Italy of the President of the Arab Republic of Egypt, H.E. Abdel Fattah El-Sisi on November 24 and 25th, 2014, in the presence of the Egyptian Minister of Investment H.E. Ashraf Salman.
MegaCell is the leading and Italian based photovoltaic (PV) bi-facial high efficiency cells and module manufacturer, owned by Mega Group, which was recently established by Mr. Franco Traverso. Traverso is considered a pioneer of the Italian photovoltaic cells technology, given his extended experience of more than 30 years in photovoltaic (PV) sector since 1981, when he founded his first company ‘Helios Technology’ (sold in 2008). In 2007 he founded ‘Silfab’ which currently produces 150 MW/year of photovoltaic (PV) modules in Ontario (Canada) through its fully controlled company named Silfab Solar Inc. MegaCell is focusing on the manufacturing of BiSoN, high-efficiency mono-crystalline N-type solar cells, and – in particular – on exploiting the strongly enhanced energy yield thanks to their bi-faciality. MegaCell has a nameplate production capacity of 80 MW of bi-facial BiSoN cells on yearly base, through the application of an advanced technology developed by Franco Traverso’s team together with the German based Research & Development Institute ISC of Konstanz.
For more information, please visit www.megacell.it