The UK is investing over $97 million in Upper Egypt’s Benban Solar Park, set to be the largest solar installation in the world, the British Embassy announced on Monday.
In an official statement, the embassy said the investment by CDC Group, the UK’s development finance institution, is a part of an International Financial Cooperation (IFC)-led consortium providing a $653 million debt package to fund 13 new solar-power plants – the Nubian Suns – in the Southern Egyptian city of Aswan.
“I am proud the UK is investing in a project that will provide clean power to over 350,000 residential customers and generate up to 6,000 jobs," UK Ambassador to Egypt John Casson said.
"Today’s announcement reflects our commitment to support Egypt as its number one partner with a new wave of investments that support its development, provide new job opportunities and paint a brighter future for its generations,” he said.
On Sunday, Egypt signed agreements for the construction of 13 solar-power plants in Aswan, financed by the IFC, which is a member of the World Bank Group.
The 13 solar power plants, which are expected to generate 590 megawatts, will cost $823 million in total, with the IFC providing $653 million, Egypt's investment ministry said in a statement.
Upon completion, the facilities will comprise the largest solar installation in the world, with a planned total capacity of 1.8 GW.
Egypt has been working to upgrade its power plant capacity and renewable energy projects in order to meet rising electricity demand. It aims to shift 22 percent of the country's energy consumption to renewable sources by 2020.