The United Pan-Africanists Movement penned an agreement with the National Energy Research Center in Sudan, and Egyptian energy company TIBAH. This is the first step toward constructing a solar manufacturing company under UPAM Investment Holdings.
UPAM is now calling for interested investors to buy shares in UPAM Investment Holdings to raise US$50 million capital requirement to commence construction and production. Home-grown solar panel manufacturers have started to emerge all across Africa, and UPAM Investment Holdings aims to join the few African and locally owned solar panel manufacturers in the Sahara region to enable the adoption of the renewable energy alternative to fossil fuels for African communities across the continent.
According to Solar Magazine, one of the fundamental impacts of energy poverty in Africa is the limiting influence on the growth of manufacturing. Manufacturing in several sectors in Africa has largely unmet power demands. In the face of poor manufacturing capacity, African economies are heavily reliant on imports. Majority of the products originate from South-East Asia, where overall product price remains competitive.
