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Egypt is currently constructing what is set to become the world’s largest solar park. Authorities hope the park will produce something between 1.6-2.0GW of solar power by the middle of 2019, according to local reports.
The Benban solar park is located near Aswan and aims to increase Egypt’s energy generation capacity. It is named after a Nile River village close to the power plant in the Eastern region of the Sahara Desert.
The ambitious project could transform Egypt into a major solar energy player in the world.
The solar park will be given a 25 year contract to sell its electricity at 7.8 cents per kWh to the the state-owned Egyptian Electricity Transmission Company (EETC) and pegged to the value of the US dollar.
So far, 29 projects have received financing of at least $1.8 billion. They represent almost 1.5GW of solar power to be produced on the 14.3 square-mile plot of land.
Egyptian officials believe the renewable energy project will produce 20 percent of Egypt’s power by 2020, and will serve 350,000 Egyptians and provide eco-friendly and cost-efficient power.