The aim of Benban Solar Park is to achieve, by mid-2019, that the installed solar power would reach 1.6-2 GW. This gigantic solar power park will provide clean energy to fast-paced Egypt and sustainable economic growth.
No additional financial incentives are foreseen for this project. However, a 25-year contract will be secured, according to which the purchase price of electricity will not be lower than 7.8 ct / kWh. It will be bought by the Egyptian Electricity Transmission Company (EETC). The electricity purchase price will be tied to the value of the dollar.
The park will consist of 32 solar power plants. Currently, 29 future solar power plants in the park have already received public funding of nearly 1.8 billion. Dollars According to New and Renewable Energy Authority (NREA), Benbal Solar Park will cost 3.5-4 billion dollars.
After installing these 29 solar power plants, the fleet will have a capacity of 1.5 GW. It is planned that the full park will be installed until 2019 and the installed electric power will reach at least 1.65 GW.
Egypt's official representatives believe that by 2022 Egypt can produce 20% of its energy from renewable energy sources.
"The potential is boundless," says Lamya Youssef, Head of State-led EETC Private Sector. "Because of the huge increase in the Egyptian population, we need large investments in infrastructure that the government can not afford. That's why we need private sector investment. "
Formated 41 plots, the area of which is 0.3 to 1 km2. The total area of the park is 37.2 km2. At these sites simultaneously the solar power plants are built by different companies.
The eastern region of the North Sahara Desert is well known for its excellent solar radiation performance. They are even better than the indicators recorded in the wilderness of the United States and Mexico, and are only slightly behind the highest figures in the Chilean desert, which are the best in the world.
Centralizing the power grid infrastructure, such as the power line and the electrical substation, allows you to share the cost of expensive equipment, which reduces electricity costs. New financial models, partly supported by governments, help investment groups build large-scale solar energy projects at an attractive price.
For example, the Multilateral Investment and Guarantee Agency (MIGA), part of the World Bank, provides $ 210 million worth of "political risk" to private creditors and investors involved in the construction of a park. "Aut. Past.) This means that investors are ensuring that these money will reach them independently of the political situation in Egypt.
The International Finance Corporation (IFC) and a consortium of nine international banks will provide a $ 653 million loan package to finance the construction of 13 solar power stations, which will be complemented by 19 other solar power plants. All of them will be owned by Benban Solar Park, the largest privately-owned and funded solar photovoltaic park in the Middle East and North Africa.
According to IFC, the construction of solar power plants will cost about $ 823 million. At least 325 MW will be installed by NEXTracker, and the 64 MW German company is Mounting Systems GmbH. These companies use unique solar panel designs, which make the entire structure turn into the sun, thus ensuring the maximum efficiency of the power plants. Several solar power plants are currently undergoing construction work. 165 MW solar power plants are already installed and started to operate.
