The Egyptian government is constructing the world’s largest solar park. The Benban solar park will comprise 32 power plants and will be located near the southern city of Aswan.
The solar plants are scheduled to be executed by mid 2019. The plants will be capable of churning out a combined 1,650 MW of electricity.
The estimated cost of the project will range between USD 3.5 billion and USD four billion.
IFC and a consortium of other lenders have pledged USD 653 million to support the project. The financing will help 13 private companies build and operate power plants at the site.
The park is also expected to employ 4,000 people once it is fully operational.
Other institutions that will fund the project include: Africa Development Bank, Asian Infrastructure Investment Bank, Arab Bank of Bahrain, CDC Group, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria.