Energy Sector: Power Stations and Development Project

energy sector: In 2013, Egypt was suffering rolling blackouts due to power shortages at aging power stations, according to The Japan Times. Three gigantic gas-powered stations with a capacity of 14.4 GW procured from Siemens in 2015 turned the deficit into a surplus. They are part of the Benban plant, one of the world's largest solar parks following the completion last month of a second phase of the estimated 2.1 billion 229.8 billion development project. ; Designed to anchor the renewable energy sector by attracting foreign and domestic private-sector developers and financial backers, the plant now provides nearly 1.5 gigawatts to Egypt's national grid and has brought down the price of solar energy at a time when the government is phasing out electricity subsidies. National installed electricity capacity is now around 50 GW, and Egypt aims to increase the share of electricity provided by renewables from a fraction currently to 20 percent by 2022 and 42 percent by 2035. The Benban project's 32 plots were developed by more than 30 companies from 12 countries, including Spain's Acciona, UAE-based Alcazar Energy, Italy's Enerray, France's Total Enren and EDF, China's Chint Solar and Norway's Scatec. They have plans to bring out renewable energy, private sector invested, across the Red Sea in wind and throughout the deserts for solar power, said Christopher Cantelmi of the International Finance Corporation IFC a lead backer of Benban along with the European Bank for Reconstruction and Development. (news.financializer.com). As reported in the news.