Sungrow Plans to Build 10GW Energy Storage Factory in Egypt
Chairman of Sungrow Power Supply Cao Renxian has proposed a cooperation plan to build an energy storage battery factory in Egypt with an annual production capacity of 10 gigawatts.
According to Egypt’s National Information Service, on September 14 local time, Egyptian President Abdel Fattah el-Sisi met in Cairo with Cao Renxian, Chairman of Sungrow Power Supply , and Terje Pilskog, CEO of the Norwegian energy company Scatec.
It is reported that in recent years Egypt has been accelerating the development of green energy and making “local manufacturing” a core part of its long-term energy policy, aiming for renewable energy to account for 42% of its energy mix by 2030 and 65% by 2040. Norway’s Scatec said its portfolio of energy projects in Egypt under the “NWFE” (National Water, Food, and Energy Nexus Program) framework has reached $3.6 billion, including a 1GW solar power plant built for Egyptalum, paired with a 200MWh battery energy storage system.
During the meeting, Cao Renxian proposed a cooperation plan to build a 10GW annual-capacity energy storage battery factory in Egypt. The talks also explored the possibility of tripartite cooperation between Egypt, Norway’s Scatec, and Sungrow.
Founded in 1997, Sungrow has specialized in the production, sales, and service of new energy power equipment for solar, wind, energy storage, hydrogen, electric vehicles, and charging. Its core product, the PV inverter, is sold in bulk to more than 100 countries and regions worldwide.
In the first half of this year, Sungrow achieved operating revenue of 43.533 billion yuan, a year-on-year increase of 40.34%, while net profit attributable to shareholders reached 7.735 billion yuan, a significant year-on-year increase of 55.97%. Energy storage system business became the core growth driver in the first half. The company’s energy storage products generated 17.803 billion yuan in revenue, accounting for 40.89% of total revenue, and a year-on-year increase of 127.78%. In an August 25 conference call, Sungrow stated that the global energy storage compound annual growth rate is conservatively estimated at 20% and optimistically at 30% in the next few years. The company’s shipments in the first half of the year were close to the total for the whole of last year, and shipments in the second half may be even higher than in the first half.
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