Creative Power Solutions to set up €5.4mln solar thermal collector production plant in Egypt

Switzerland-based Creative Power Solutions (CPS) in partnership with Absolicon is setting up a production line for solar thermal collectors in Egypt at a total investment of €5.4 million.

Majed Toqan, Chief Executive Officer of CPS told Zawya Projects that the project, which is the first of its kind in the MENA Region, received €2.7 million in financing from KfW Development Bank through the Facility Investing for Employment (IFE).

“Absolicon will provide €1 million investment and we are negotiating Bank Misr to lend us the rest. Construction will start in the first quarter of 2023 and production will start by the first quarter of 2024,” said Toqan.

The plant would be built on a 2,500 square metre land plot in Sadat City, he said, adding that it would enable knowledge transfer while boosting renewable energy deployment and creating jobs across various industry sectors.

Sweden-based Absolicon is the supplying the solar collector production line with support for marketing and technical support, development and technical training.