Paris, 20th January 2023, CMG CleanTech S.A (“CMG”), a clean energy and technology corporation, today announced it has agreed to the terms of a new Joint Venture with North African Energy company to build a Solar Cell Factory in the North African Region. This privately owned energy company which designs, manufactures, constructs and assembles electricity production solutions, was founded in the late eighties and is one of the main players in the North African energy market.

The renewable energy market in Africa is expected to grow at a compound annual growth rate (CAGR) of more than 8% during the forecast period 2022-2027, and today’s global energy crisis has underscored the urgency, as well as the benefits, of cleaner sources of energy.

By partnering with this North African energy company, CMG will be the only manufacturer of Solar Cells in the North African Region, giving the Company local market entry with advantageous tax arrangements and further opportunities to expand in this region.

John Darling, Président du Conseil d’Administration of CMG (Chair) commented: “CMG is thrilled to be entering the African market as part of this exciting and timely Joint Venture. Africa is only just beginning its transition to renewable energy despite its abundant natural resources and struggles with energy poverty. Our teams are looking forward to being part of the solution.”

CMG is expecting to announce formal terms of this Joint Venture within 6 weeks.

About CMG CleanTech S.A.

Listed on the Euronext Paris Exchange, CMG CleanTech S.A. (CMG) is driven by a strong, secure ESG strategy – to develop the clean hydrogen and solar technology at its disposal and help countries, organisations and individuals alleviate their environmental impacts and meet ambitious 2050 carbon neutrality goals

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pr@financialmedia.group

Franziska Grobler Financial Media Group

References

https://www.mordorintelligence.com/industry-reports/africa-renewable-energy-market