The Benban Solar Park, which targets to reach between 1.6 - 2.0 GW of solar power by the middle of 2019, will provide fast-developing Egypt with the clean energy it requires for sustainable economic growth.
The project will not get any incentives. However, it will be granted a 25-year contract to sell its electricity at 7.8¢/kWh to the state-owned Egyptian Electricity Transmission Company (EETC). The price will be pegged to the value of the US dollar.
At the moment 29 power plants in the park have received public financing at an amount of almost $1.8 billion. They account for nearly 1.5 GW of solar power.
The solar park is designed to house 32 power plants. All the plants are designed to be powered up by mid-2019 and they will be capable of churning out a combined 1,650 megawatts of electricity.
This is forecast to provide Egypt, with a population of more than 90 million, with the clean energy it needs to drive growth and fight poverty.
Generate from renewable sources
Egyptian officials think the nation can generate 20 percent of its power from renewable sources by 2022.
“The potential is endless,” says Lamya Youssef, the head of private sector power at the state-run Egyptian Electricity Transmission Company. “Because of the enormous increase in (Egypt’s) population, we need large investments in infrastructure, which the government cannot afford on its own. That’s why we need private sector investments.”
Read more at: Interesting Engineering