Egypt expects giant solar park to be fully operational in 2019

6th May 2019 By: Reuters

Egypt expects the 1.6 GW solar park it is building in the south of the country to be operating at full capacity in 2019, the investment ministry said in a statement on Sunday.

The $2-billion project, set to be the world's largest solar installation, has been partly funded by the World Bank, which invested $653-million through the International Finance Corporation.

Some parts of the park are already operating on a small scale, while other areas are still undergoing testing.

Egypt aims to meet 20% of its energy needs from renewable sources by 2022 and up to 40% by 2035. Renewable energy currently covers only about 3% of the country's needs.

"Egypt's energy sector reforms have opened a wider door for private sector investments," World Bank president David Malpass said during his visit to the site alongside Egypt's Investment Minister Sahar Nasr.

Egypt is on a drive to lure back investors who fled following the 2011 uprising with a slew of economic reforms and incentives the government hopes will draw fresh capital and kickstart growth.

Most of the foreign direct investment Egypt attracts goes towards its energy sector.