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.