The European Bank for Reconstruction and Development is offering the funds to Egypt’s transmission system operator to strengthen the country’s grid to host more renewable energy in anticipation of rising power demand over the coming decade.
The French energy group has injected an unspecified sum into KarmSolar, which has a 165 MW solar project portfolio in Egypt. The developer specializes in power purchase agreements and solar distribution contracts with large commercial, agricultural and industrial clients.
Saudi energy giant ACWA Power won the tender for the project in August thanks to a lowest final electricity price offer of $0.02752/kWh. Construction of the facility, which will use bifacial panels, is expected to be complete by April 2021.
With power production up 133% year-on-year, revenues and EBITDA also rose significantly.
Although the Wiki-solar website ranking only gives a snapshot of PV project engineering, procurement and construction contracts outside China, it is nevertheless a useful indicator of the changing shape of the global solar market.
An accelerated transition to renewables could go either way, regarding the United States’ unique geopolitical strength. According to Indra Overland – head of the Center for Energy Research at the Norwegian Institute for International Affairs – the U.S. could surrender a major advantage if it abandons fossil fuel. The nation could, however, remain dominant in the global energy sector if it continues to lead on innovation and clean energy tech-related intellectual property.
The Norwegian developer has opened plants in Ukraine and Egypt. Scatec Solar recently announced it managed to triple energy production in the last year.
Boasting 195 MW of bifacial-and-tracking capacity, Scatec Solar is halfway to its planned 400 MW target for the technology combination at the 1.8 GW Benban park. The remainder is likely to come online this year.
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