MegaCell and Misr Asset Management 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.
"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".