The International Finance Corporation, part of the World Bank Group, announced on Sunday that it has finalised the financing for a mega solar project near Aswan that will see $653 million go to the construction of what's set to become the world's largest solar park.
Egyptians have long wondered: why aren’t we taking advantage of our sunny weather? Our country has huge potential to be a solar power-harnessing giant on the world stage and yet, fellow North African nation Morocco had apparently beaten us to announcing one of the world’s largest solar power plants, planned to be completed by 2020. Well, now, it appears we may be giving them a run for their money soon.
The International Finance Corporation, part of the World Bank Group, announced on Sunday that it has finalised the financing for a mega solar project near Aswan, according to Reuters. The debt package they’re contributing is reportedly worth $653 million and will fund the construction of 13 solar power plants in Upper Egypt, in what’s set to become the world’s biggest solar park.
The investment was first announced earlier, when Egypt also attracted another large sum from the European Bank of Reconstruction and Development to build solar plants. At the time, Bloomberg reported the IFC was going to provide $203 million, less than a third of the current amount.
Dubbed the ‘Nubian Suns Feed-in-Tariff Financing Program’, the project is projected to generate over 700 megawatts of energy and will provide electricity for about 350,000 Egyptians. The construction efforts are expected to create 6,000 jobs, and, at long last, we can benefit from our up to 4,000 hours of sun annually.
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