The United Kingdom’s development finance institution, CDC Group, is investing $97m (over EGP 1.7bn) in Benban Solar Park, which, when completed, will be the largest solar power installation in the world.
The UK’s investment will support the generation of 400 MW of clean energy, over 20% of the total generating capacity.
CDC Group, wholly owned by the British government, is part of an IFC-led consortium providing a $653m debt package to fund 13 solar power plants project, the Nubian Suns, in the Southern Egyptian city of Aswan. The Nubian Suns project is part of Egypt’s Benban Solar Park, which will comprise 32 solar plants producing 1.8 GW.
The UK ambassador to Egypt John Casson said, “I am proud the UK is investing in a project that will provide clean power to over 350,000 residential customers and generate up to 6,000 jobs.”
He added that Today’s announcement reflects UK commitment to support Egypt as its first partner through a new wave of investments that supports Egypt’s development, provide new job opportunities.
The project is important due to the world now looking for new sources of energy, especially renewable energy sources.
More over, the Benban solar power station is one of the sources of energy diversification and it helps in maximising the use of renewable energy, which is expected to fully dominate the electricity generation sector.
Furthermore, Benban solar park is the largest project to be established in the last two years near Aswan.
It will produce clean electricity through the exploitation of solar energy as renewable energy and its production of electricity will be equivalent to that of Aswan’s High Dam.
Earlier, Magdy Hegazy, governor of Aswan stressed that the choice of this large village is due to its presence on a flat surface and characterised by a high temperature.