Renewable energy producer, Alcazar Energy confirmed the reports and said that AEES1 is one of four developments being undertaken by the energy producer in Benban, with each having a capacity of 64 MWp all adding up to a total of 256 MWp.
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Benban Solar Park
The projects are part of the Nubian Suns development scheme led by the International Finance Corporation (IFC) in unison with the World Bank, Multilateral Investment Guarantee Agency (MIGA), and the Government of Egypt. The scheme aims at influencing private sector capital and expertise, to support the goal of generating 20% electricity from renewable resources by the year 2022.
Reducing global greenhouse gas emission
AEES1’s project was financed by loans from IFC, lead arranger, Asian Infrastructure Investment bank (AIIB), African Development Bank Group and CDC Group and equity from Alcazar Energy. The project was constructed by a joint venture between TSK and Enviromena.
All four of the Benban solar PV projects are expected to generate approximately US $31.5 million in gas savings from the displacement of fossil fuels, in addition to saving 311,500 tones of carbon dioxide and 680,300 cubic metre of water per year.
When complete, Benban solar park itself will illuminate thousands of homes, industries and commercial premises. That will help provide Egypt, a fast-growing country of more than 100 million residents, with the clean energy it needs to drive growth. At the same time, the park will also help in reducing global greenhouse gas emission.
