{"id":602229,"date":"2019-03-21T03:30:59","date_gmt":"2019-03-21T03:30:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/benban-solar-park-brings-optimism-but-egypt-has-a-way-to-go-to-reach-its-renewable-energy-goals\/"},"modified":"2019-03-21T03:30:59","modified_gmt":"2019-03-21T03:30:59","slug":"benban-solar-park-brings-optimism-but-egypt-has-a-way-to-go-to-reach-its-renewable-energy-goals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/benban-solar-park-brings-optimism-but-egypt-has-a-way-to-go-to-reach-its-renewable-energy-goals\/","title":{"rendered":"Benban solar park brings optimism, but Egypt has a way to go to reach its renewable energy goals"},"content":{"rendered":"

<\/a> Egypt\u2019s 1.8 GW Benban solar power park will soon become \u201ca source of renewal as vital as the [Nile] river,\u201d<\/b> says the European Bank for Reconstruction and Development (EBRD)<\/a>. Construction of the 37 sqkm park, in which the EBRD has invested USD 500 mn, could mark the beginning of an industrial-scale shift towards renewable energy. The park also has more far-reaching positive effects, including supplying 600 mn people in Africa with power, creating jobs locally, and diversifying energy supplies at a time when concern about the impact of the Grand Ethiopian Renaissance Dam is high.<\/p>\n

But for all this optimism, market penetration is relatively low:<\/b> Egypt set a goal<\/a> to produce 20% of its energy needs from renewable sources by 2022, within the framework of its 2030 strategy<\/a>. Aside from hydroelectric power which produces 5% of the nation\u2019s electricity, renewable sources only provide 1-2%. \u201cFor now, Egypt\u2019s main barrier to hitting even that first target is the need for more investment and building,\u201d the EBRD states. According to Cairo-based EBRD banker Ahmed Mortada, Egypt essentially has to build \u201cfive more Benbans in five years,\u201d which is not impossible but requires some serious structural changes. The key to attracting more investment is to lower costs: cheaper batteries and introducing a framework for more competitive bidding could be solutions.<\/p>\n

This comes as the World Bank announced Benban as its pick for an annual award that recognizes top projects it has been involved in<\/b>, according to an Investment Ministry statement (pdf)<\/a>. The World Bank\u2019s International Finance Corporation has so far extended USD 653 mn in funding for Benban.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s 1.8 GW Benban solar power park will soon become \u201ca source of renewal as vital as the [Nile] river,\u201d says the European Bank for Reconstruction and Development (EBRD). Construction of the 37 sqkm park, in which the EBRD has invested USD 500 mn, could mark the beginning of an industrial-scale shift towards renewable energy. […]<\/p>\n","protected":false},"author":1,"featured_media":602230,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[571,72,150,151,321,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-ebrd","tag-enterpriseam","tag-renewable-energy","tag-renewables","tag-world-bank","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"220c95be-1449-4da1-9c57-93d470981e70","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/262.jpg","photo_position":"above","related_issue":[602207],"teaser":"","voice_url":""},"yoast_head":"\nBenban solar park brings optimism, but Egypt has a way to go to reach its renewable energy goals - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/benban-solar-park-brings-optimism-but-egypt-has-a-way-to-go-to-reach-its-renewable-energy-goals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Benban solar park brings optimism, but Egypt has a way to go to reach its renewable energy goals\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s 1.8 GW Benban solar power park will soon become \u201ca source of renewal as vital as the [Nile] river,\u201d says the European Bank for Reconstruction and Development (EBRD). 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The lender will contribute USD\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594422,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/29\/egypts-usd-4-bn-benban-solar-power-park-is-now-complete\/","url_meta":{"origin":602229,"position":1},"title":"Egypt\u2019s USD 4 bn Benban solar power park is now complete","author":"enterpriseam admin","date":"29 October 2019","format":false,"excerpt":"Ladies and gentlemen, the USD 4 bn Benban solar power park is complete. Built over the course of more than two years, all the plots at Africa\u2019s largest solar park are now operational, the European Bank for Reconstruction and Development (EBRD) said yesterday. The EBRD, the project\u2019s largest financial backers,\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/2824.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639214,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/24\/ebrd-gcf-fmo-extend-usd-87-mn-loan-to-solar-power-projects-in-egypt\/","url_meta":{"origin":602229,"position":2},"title":"EBRD, GCF, FMO extend USD 87 mn loan to solar power projects in Egypt","author":"enterpriseam admin","date":"24 October 2017","format":false,"excerpt":"And speaking of investment in solar power: The EBRD has partnered with Green Climate Fund (GCF) and Dutch Development Bank FMO to extend a USD 87 mn syndicated facility to Egypt\u2019s Infinity Solar and Germany\u2019s IB Vogt GmbH to fund two solar power plants, a press release says. The two\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642774,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/22\/ebrd-frances-proparco-offer-usd-116-mn-to-finance-benban-power-plants\/","url_meta":{"origin":602229,"position":3},"title":"EBRD, France\u2019s Proparco offer USD 116 mn to finance Benban power plants","author":"enterpriseam admin","date":"22 August 2017","format":false,"excerpt":"God bless the DFIs \u2014 EBRD, Proparco offer USD 116 mn to finance Benban power plants: The European Bank for Reconstruction and Development and France\u2019s Proparco are each committing USD 58 mn to finance the construction and operation of two 50 MW solar power plants in Benban, according to an\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639384,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/29\/ifc-channels-usd-653-mn-loan-to-benban-solar-complex\/","url_meta":{"origin":602229,"position":4},"title":"IFC channels USD 653 mn loan to Benban solar complex","author":"enterpriseam admin","date":"29 October 2017","format":false,"excerpt":"The International Finance Corporation (IFC) will announce today a USD 653 mn debt package to finance the development of 13 solar power plants part of the feed-in tariff program in Benban, the IFC said in a statement this morning (pdf). The IFC is leading a consortium of nine international banks,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591973,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/23\/ebrd-closes-acquisition-of-20-stake-in-egypts-infinity-solar\/","url_meta":{"origin":602229,"position":5},"title":"EBRD closes acquisition of 20% stake in Egypt\u2019s Infinity Solar","author":"enterpriseam admin","date":"23 December 2019","format":false,"excerpt":"M&A WATCH- EBRD closes acquisition of 20% stake in Infinity Solar: The European Bank for Reconstruction and Development (EBRD) has reportedly acquired a 20% stake in Infinity Solar worth USD 60 mn, a source close to the matter told Al Mal. The EBRD announced the investment last October. It will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=602229"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602229\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/602230"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602229"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602229"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}