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Chinese glass manufacturer Xinyi Glass is set to invest $700 million in a solar panel glass production facility in Egypt’s Suez Canal Economic Zone. The Hong Kong-listed company will develop the project in two phases, with plans to produce 1.5 million tonnes of solar panel glass and 1.1 million tonnes of high-purity silica sand annually. A significant portion of the output will be exported to regional and global markets. Egyptian Prime Minister Moustafa Madbouly has directed government agencies to expedite the necessary infrastructure development to facilitate the project. Xinyi Glass is currently in the process of obtaining regulatory approvals before commencing construction. This initiative aligns with Egypt’s broader strategy to localize the manufacturing of solar power components. In October 2024, the government identified solar cells as one of 12 strategic products targeted for domestic production. The country is also accelerating renewable energy expansion, with Electricity and Renewable Energy Minister Mahmoud Esmat announcing in August 2024 that Egypt is actively developing 7,150 megawatts (MW) of renewable energy projects. Notable solar partnerships include collaborations with UAE-based Masdar, Egypt’s Abydos, and Norway’s Scatec. To attract further investment, the Egyptian government is offering land for project developments in exchange for a 2% share in annual electricity production. Additionally, customs duties on renewable energy components and spare parts have been reduced from 5% to 2%, while the value-added tax has been lowered from 14% to 5%. |
