North African Solar Receives Funding From World Bank
World Bank has announced that it will be investing $5.5 billion in the solar power projects planned by Norht African Solar. Initially, they will investment $750 million that will come from the Clean Technology Fund and the remaining funds will be arranged with other financial sources.
World Bank is expecting to have these projects completed by 2015 and are willing to include 5 countries in the project in hopes of tripling concentrated solar power technology world wide. This new technology utilizes mirrors that concentrate the suns light onto a single point which heats water that in turn, drives the turbines.
There are a total of 11 facilities included in this project that is scheduled to begin sometime in 2011. It is estimated that the project will generate around 900 megawatts of energy by 2020. And, will reduce greenhouse gases by 1.7 million tons per year.