Dubai – Masaader News
Egypt invests now in solar energy. Benban plant, one of the world’s largest solar parks following completion last month of a second phase of the estimated $2.1 billion project, according to Reuters.
Designed to anchor a renewable energy sector by attracting foreign and domestic private-sector developers and financial backers, the plant now provides nearly 1.5 GW to Egypt’s national grid and has brought down the price of solar energy at a time when the government is phasing out electricity subsidies.
In 2013, Egypt was suffering rolling blackouts due to power shortages at aging power stations. Three gigantic gas-powered stations with a capacity of 14.4 GW procured from Siemens in 2015 turned the deficit into a surplus.
National installed electricity capacity is now around 50 GW and Egypt aims to increase the share of electricity provided by renewables from a fraction currently to 20% by 2022 and 42% by 2035.