A project called the Lincoln Project could generate as much electricity as the entire power grid of the United Kingdom, with a cost of less than $2 per kilowatt hour, according to the U.S. Energy Information Administration.
The project has been in the works for more than two decades, but the first phase of construction in 2015 came with a major cost overrun.
The Lincoln Project will be the largest of its kind in the U, with an installed capacity of 5.4 gigawatts (GW), the largest in the world, according the EIA.
The $2 billion project is part of a broader U.K. push to become a global leader in renewable energy.
The U.N. Sustainable Development Goals are designed to drive the development of clean, renewable energy sources that could help the nation meet its energy needs.
Lincoln is a joint venture between Germany’s Energysk and the UESP, a group of U.B.E. companies.
The Energo Solar Power, or E-Power, project will use the Lincoln Power System, a system of two solar arrays, to produce the electricity needed by the Lincoln project.
The project has an installed price tag of about $2.6 billion, according UBS.
Linc is the largest PV manufacturer in Europe, and the project’s production capacity is expected to double in the next few years, according Bloomberg.
The Lincoln project is also a significant milestone for the UBS Global Renewables and Energy Investment Group, which is in charge of financing and managing the project.
A consortium of companies led by UBS was awarded the project, and its first phase is set to begin next year.