Italian specialist solar cell manufacturer, MegaCell, has signed a memorandum of understanding with Egyptian investment firm, Misr Asset Management, to build and operate a 120MW solar cell and module assembly plant in Egypt using its n-type monocrystalline bi-facial cell technology.
The MoU calls for the manufacturing plant to be constructed in 2015, with MegaCell responsible for supplying equipment and technology transfer.
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MegaCell currently operates an 80MW production line in Italy, employing the ‘BiSoN’ cell technology developed at ISC Konstanz.
Hassan Abdel Hamid, chairman and chief executive of Misr Asset Management said: “So far, several qualified investors have expressed strong interest in the project and we expect to start operations within June 2015.”
“MegaCell has decided to expand its activities to Egypt after studying the potentiality of the market and we are pleased to realise 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 Franco Traverso, chairman and chief executive 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 production cluster in Egypt, starting from a manufacturing plant of 120 MW [per year] 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”.
According to MegaCell, the MOU was signed at official visit to Italy of the president of Egypt, Abdel Fattah El-Sisi, on 24 and 25 November, in the presence of the Egyptian minister of investment, Ashraf Salman.