Egypt Signs Off On Massive Solar Power Park
Eleven developers, the Egyptian government, and 24 solar companies have signed an agreement on a 1.8GW solar power park in Benban, Aswan. This solar power park will be one of the largest in the world, and its development is estimated to cost up to $3 billion. This plan will be a major step towards promoting solar power in the region. Worth watching.
Here's an excerpt:
The 11 companies that recently signed project developer agreements include Enel Green, EDF, Access Building Energy, and Building Energy Alliance. Companies that had signed the agreement earlier included TAQA Arabia, Cairo Solar, Orascom, Lekela Power (a joint venture between Mainstream Renewable Power and Actis).
As part of the agreements, the companies will be required to pay certain amount for the construction of infrastructure including roads and substations. The companies will also have to may some additional payments towards the development of power evacuation infrastructure.
The solar power park is expected to be developed at a total cost of $3 billion. According to localmedia reports, the government will offer the projects for development to prospective developers through usufructs, meaning the land for the projects will likely be owned by the government, but that developers will be allowed to set up their projects and derive profits.