Arab Finance: Egypt has laid the foundation stone for the Atum Solar complex, a solar cell and module manufacturing hub in the Suez Canal Economic Zone (SCZONE), according to a statement.

The integrated facility is a joint venture (JV) established by China’s JA Solar, the UAE’s Global South Utilities (GSU), Bahrain’s Infinity Capital, and Egypt’s AH Industrial Management.

Located on a 200,000-square-metre area in the TEDA industrial zone, the project has a total investment cost of $220 million (EGP 10.5 billion).

It comprises two factories for manufacturing 2 gigawatts (GW) of solar cells and 2 GW of solar modules. This is in addition to a 1 GWh energy storage plant.

The project is expected to create approximately 850 direct jobs.

The solar cell plant aims to export its entire output to global markets, while the energy storage facility will allocate its production to meet the needs of the local market and a number of regional markets.

The project plans to gradually increase the percentage of locally sourced components by utilizing locally produced aluminum and glass as production inputs.

Waleid Gamal El-Dien, Chairman of the SCZONE, affirmed that the JV supports the authority's efforts to localize green energy industries and integrate their value chains, including solar cells, panels, storage systems, and more.

The SCZONE seeks transition to a green economy to keep pace with the global trend towards a more environmentally, economically, and socially sustainable future, Gamal El-Dien added.

He also asserted that the authority is open to partnership with various investments worldwide, given its unique strategic location, free and international trade agreements that achieve full access to various global markets, in addition to the availability of trained technical labor.

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