According to sources, the Facility Investing for Employment (IFE), a German investment facility that was created by Germany’s KfW Development Bank has signed a EUR2.7 million grant agreement with the Creative Power Solutions AG to construct a EUR5.4 million solar collector factory in Egypt.
This project will help Egypt reach its decarbonization goals in the power generation and industrial sectors.
This project will bring the technology of solar thermal collectors to Egypt and make them more accessible.
Rauf Khalaf (Managing Director of IFE) stated that the Green Economy Call enables IFE to not only create jobs but also to support enormous efforts in achieving the country’s energy supply goals.
Majed Toqan CEO of CPS stated that the facility’s total investment cost was EUR5.4 million. This will allow knowledge transfer, boost renewable energy deployment, and create jobs in various industries.