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- Algeria has announced its plans to install up to US$3.6 billion worth of solar photovoltaic (PV) projects
- The estimated combined installed capacity of the solar power facilities would be 4,000 megawatts (MW) and will be installed between 2020 and 2024.
Algeria has announced its plans to install up to US$3.6 billion worth of solar photovoltaic (PV) projects to produce renewable electricity both for export and for domestic use. Apart from meeting the growing domestic demand and creating surplus for export, the new solar projects will help Algeria preserve its oil and gas resources. Algeria as of now generates most of its electricity from natural gas.
A statement from the office of Prime Minister Abdelaziz Djerad stated that the estimated combined installed capacity of the solar power facilities would be 4,000 megawatts (MW) and will be installed between 2020 and 2024.TAFOUK1, the new solar power plant project is part of the government’s strategy to boost power generation from renewable energy sources.The entire project will cost investments of between US$3.2 billion and US$3.6 billion, and has the potential to create 56,000 jobs during the construction phase and 2,000 jobs during the operational stage.
Algeria, an oil-dependent economy that saw a severe crash in foreign exchange reserves with oil price collapse due to the Saudi-Russian oil price war and the global demand crash in the pandemic – is now taking drastic action to protect its finances this year.
