The World Bank is set to invest $5.5 billion for the development of solar
energy in the Middle East and North Africa (Mena). And according to
estimates Mena has the potential to generate 630 million megawatts of
solar power.
The World Bank Clean Technology Fund (CTF) said, it has set aside $750
million for the 11 commercial-scale CSP projects, which is spread over
over a three to five years period, in Algeria, Egypt, Jordon, Morocco and
Tunisia. Although, each project wiil still need to go through an approval
process before receiving the funds.
According to reports, the total cost of building all 11 projects is $5.5
billion and would have a combined capacity of 900MW by 2020 and cut
emissions by at least 1.7 million tonnes of carbon dioxide equivalent
yearly. The project is expected to start in 2011 and end by 2015.
The concentrated solar power (CSP) projects makes use lenses and mirrors
to focus sunlight from a large area into a beam, producing heat that can
be used in generating electricity, more reports reveal.
Also, the World Bank is set to help finance two transmission lines that
would permit electricity generated in the MENA area to be exported to
Europe. These would connect Tunisia to Italy and Jordan to the eastern
Mediterranean.
The project should save 1.7 million tons of greenhouse gases per year.
That will be equal to taking 600,000 cars off the road.
In generating electricity, the solar project will increase the market for
a growing solar infrastructure. North Africa will be able to use clean and
green energy to power their homes and for businesses.
In expantiating more about the project, Shamshad Akhtar, World Bank
Regional Vice President for the Middle East and North Africa
(MENA), said: “... Theinitiative would leverage energy diversification,
while promotingEuro-Mediterranean integration to the benefit of MENA
countries that will be able to exploit one of the major untapped sources
of energy. This endeavor is far-reaching with global objectives,
implications, and potential impact. It will facilitate faster and greater
diffusion of this technology in this region which holds significant
potential for CSP ”.
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