The Benban Solar Park has an ambitious target to reach somewhere between 1.6 to 2 GW of solar power by the middle of 2019. This will provide clean energy to the fast-developing Egypt that it desperately needs for sustainable economic growth.
The project is not getting any incentives but, it will be granted a 25-year contract to sell electricity at 7.8¢/kWh to the state-owned Egyptian Electricity Transmission Company (EETC). The price will be pegged to the value of the US dollar.
As things stand, 29 power plants in the park have received public financing of almost $1.8 billion and they account for nearly 1.5 GW of solar power. The world’s largest solar park is designed to house 32 power plants and all the plants are designed to be powered up by the mid of 2019 and will have a combined capacity of 1,650 megawatts of electricity.
The land where the world’s largest solar farm is going up is one which has some of the best sunlight in the world. It is ranked higher than the US/Mexico western desert. However, it trails a little behind the Chilean desert highlands, which is considered the world’s best spot.
The world’s largest solar park is a huge accomplishment by Egypt and it will serve as an inspiration for other nations all around the world to follow this example and switch to renewables themselves.