A 200 MW annual capacity module production plant will be set up to target African and Middle Eastern markets.
S-Energy Co Ltd is planning to set up production facilities in El Gouna, Egypt and expand its presence in emerging markets such as Africa and the Middle East.
The Korean renewable energy group yesterday signed a contract with Egyptian businessman Samih Sawiris to set up a joint venture for the production and sale of PV modules.
The contract was signed at the headquarters of S-Energy in Pangyo, South Korea, where Sung-Min Hong, CEO of S-Energy, and Sawiris discussed future business directions to enter emerging solar markets including Africa and Middle East.
The companies plan to set up a PV module production plant with an annual capacity of 200 MW at El Gouna, Egypt, to supply mass-production products from the end of the year, and to diversify supply channels from the existing U.S. and European markets to the Middle East and Africa.
“We will not only strengthen our competitiveness and accessibility to existing markets through our collaboration with Mr Sawiris, but will also approach to various energy business models, including solar energy, to promote diversification and new business opportunities, taking Africa and the Middle East as our business hub, which is expected to be the center of the solar industry in the future,” said an S-Energy official.