According to reports in the local Al-Ahram newspaper, the solar power project at Kom Ombo, near the Aswan High Dam hydroelectric plant, will be financed by a number of international institutions, including the African Development Fund and the World Bank. Additional finance is also expected to be provided through the UN's Clean Development Mechanism (CDM) carbon offsetting scheme.
The project is part of a five-year plan running from 2012-2017 designed to establish Egypt as one of the top generators of solar energy in North Africa, electricity ministry undersecretary Aktham Abou el-Ella told Reuters.
It will be the nation's second large-scale solar power project following the country's first solar plant at El-Koraymat, south of Cairo, which is expected to be finished later this year and will produce 20 MW of solar power alongside 120 MW of conventional natural gas power.
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