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Algeria wants to build 4 gigawatts of solar capacity in 5 years. It is quite an ambitious goal for a country with fossil fuel reserves.
Algeria has a population of 44 million, making it the 32nd most populous country in the world. It also has a lot of sun. However, 4 GW means 10 times your solar capacity, and that solar power capacity hasn’t changed much in the last 3 years.
How does Algeria plan to do it? With a fast and large investment of cash.
The so-called TAFOUK1 project of the Ministry of Energy, foresees the investment of between 3,000 and 2,600 million dollars to deploy the 4GW of solar energy during the period of five years.
A project like this is sure to make many Algerians happy. Solar projects are some of the best job creators out there, and these are good, healthy, well-paying jobs that improve the quality of life for citizens.
The 4 GW solar photovoltaic initiative is expected to create 56,000 jobs in the construction phase, and 2,000 later for its operation.
In addition to satisfying the national demand for energy and preserving its fossil resources, carrying out this project would allow us to position ourselves in the international market, through the export of electricity at a competitive price, as well as export know-how.
Abdelaziz Djerad, Algerian Prime Minister.
Algeria is very much a fossil fuel country. Oil and gas represent “about 70% of total revenue.” … Oil and gas export earnings made up more than 97% of total exports. This may make the push for solar energy seem strange, but it actually makes a lot of financial sense to diversify the economy, and in particular the energy sector, as quickly as possible and shift revenue from oil and gas sales into mechanisms. longer-term and more stable investment like solar farms. Demand for oil is already falling quite a bit globally, and we saw what happened to oil prices this year. Who knows where the industry will be in 2-3 years, or in 5-7 years?