Egypt: Investment bank co-develops solar cell plant
Issue 290
- 04 Dec 2014
| 1 minute read
Recently created Italian solar manufacturer MegaCell has signed a memorandum of understanding (MoU) with Cairo-based Misr Asset Management (MAM) to develop a production plant making bi-facial high-efficiency solar cells and modules outside Cairo. The plant will have capacity to produce 120MW/yr of cells, and is scheduled to begin operations in June 2015. MegaCell chairman and chief executive Franco Traverso said MAM, which is owned by Misr Insurance Holding Company, was providing financing for the scheme, and would work to develop North African markets, while the Italian firm was supplying equipment and know-how.
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