The Benban Solar Park in Aswan, Egypt’s sounthernmost province some 700km south of Cairo, has won the best project award granted by the World Bank Group, the Middle East News Agency said.
The news was announced in Egypt through a statement by the Ministry of Investment and International Cooperation which also said it was the first time for Egypt to win such an award.
The statement said that Interim President of the WBG, Kristalina Georgieva, praised the Egyptian project and the rate at which it was being executed, in a recent celebration at the WBG’s headquarters in Washington DC.
Minister of Investment, Sahar Nasr, said the award reaffirms the strong relationship between Egypt and the WBG, which includes supporting the country’s reform programme and the government’s plans for promoting the private sector role in achieving inclusive sustainable development.
The WBG offered Egypt’s energy sector USD1.1bn for the Benban project, whereas an additional USD653m came from the International Finance Corporation (IFC).
The European Bank for Reconstruction and Development (EBRD) provided finance to roll out innovative bifacial panels, delivering a product that is more efficient and achieves greater productivity in the generation of solar power, according to a statement by the bank. The bank, the statement said, worked with the Norwegian developer Scatec Solar on using bifacial technology for its investment in the Benban Solar Park in Upper Egypt, where it financed 16 plants in what became the largest solar installation on the African continent.
Benban Solar Park is a photovoltaic power station under construction with a planned total capacity of 1650 MWp which corresponds to an annual production of approximately 3.8 TWh. Once completed, Benban will be the largest solar installation in the world.
23 March 2019