World's Largest Solar Installation in Egypt to Be Fully Operational This Year

Published May 6th, 2019 - 09:26 GMT
Most of the foreign direct investment Egypt attracts goes towards its energy sector. 
Most of the foreign direct investment Egypt attracts goes towards its energy sector. (Shutterstock)
Highlights
Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022

Egypt expects the 1.6 gigawatt solar park it is building in the south of the country to be operating at full capacity in 2019, the investment ministry said in a statement on Sunday.

The $2 billion project, set to be the world's largest solar installation, has been partly funded by the World Bank, which invested $653 million through the International Finance Corporation, Reuters reported.

Some parts of the park are already operating on a small scale, while other areas are still undergoing testing, it said.

Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022 and up to 40 percent by 2035. Renewable energy currently covers only about 3 percent of the country's needs, the news agency added.

"Egypt's energy sector reforms have opened a wider door for private sector investments," World Bank President David Malpass said during his visit to the site alongside Egypt's Investment Minister Sahar Nasr.

Most of the foreign direct investment Egypt attracts goes towards its energy sector. 


Copyright © Saudi Research and Publishing Co. All rights reserved.

You may also like