Cairo- Mubasher: The military production ministry teamed up with Chinese company TBEA SunOasis to establish a new factory for manufacturing photovoltaic (PV) solar panels in the Upper Egypt governorate of Aswan, Al Mal newspaper reported.
Production capacity of the new factory amounted to 1,000 megawatts through two phases with 500 MW each.
The total cost of the project stood at around $2 billion.
The military production ministry will own a 51% stake of the new factory, while TBEA SunOasis will have the remaining 49% stake.
The factory will be constructed within three years starting from 2018 after providing the funding.
The project will be financed whether through Egyptian banks, Arab funds, or the Chinese factory will secure the total funding, sources added.
