Egypt’s 1.6-GW Benban solar complex, being built in Aswan governorate, is expected to become fully operational this year, the country’s investment ministry said on Sunday.
The project, worth USD 2 billion (EUR 1.79bn), is to create the world’s largest photovoltaic (PV) park. Its implementation is partly funded by the World Bank’s International Finance Corporation with a contribution of USD 653 million. The European Bank for Reconstruction and Development (EBRD), meanwhile, is providing financing for 16 projects within the complex through a USD-500-million framework agreement from 2017.
Presently, 19 parts of the solar park, totalling 1,465 MW, are grid-connected, while others are still undergoing testing.
During a visit to the site of the complex, the World Bank’s president David Malpass said that the investment channelled in the project is an indication about the role of energy reforms in the country, adding that those “have opened a wider door for private sector investments.”
Egypt has set a goal calling for it to source 20% of its power from renewables by 2022, and 42% by 2035.
Source: Renewables Now