Masdar, ACWA Power Team Up For 1.5 GW Solar Power Projects In Egypt

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

ACWA Power, together with Masdar, has joined a long list of international renewable energy project developers entering into agreements with the Egyptian government to set up large-scale solar power capacity.

According to reports, the Egyptian government has signed agreements with a number of project developers to set up at least 6.5 GW of solar power capacity. These agreements would results in total investments of more than $30 billion over the next few years.

ACWA Power and Masdar have signed an agreement with Egyptian Electricity Holding Company to develop 2 GW of renewable energy capacity, including 1.5 GW solar power and 500 MW wind energy capacity. The companies are expected to start the capacity development with a 200 MW solar photovoltaic power plant.

The renewable energy capacity addition will be matched with a 2.2 GW of combined-cycle natural gas power project.

Chip in a few dollars a month to help support independent cleantech coverage that helps to accelerate the cleantech revolution!

The announcement follows similar agreements being signed by Terra Sola and SkyPower. Terra Sola has announced $3.5 billion investment to set up about 2 GW of solar power capacity over the next few years. The company initially plans to set up a 800 MW solar power park.

SkyPower Global and International Gulf Development have jointly signed agreement to install up to 3 GW of solar power capacity over the next 4 years.

Egypt plans to aggressively expand its renewable energy installed capacity as it targets to generate 20% electricity from renewable sources by 2020. The government has also launched an attractive feed-in tariff scheme to boost investments in the solar power sector. Solar PV projects between 500 kW and 20 MW in size will get 13.6¢/kWh, and projects between 20 MW and 50 MW will get 14.34¢/kW, with contracts for a 25-year term.


Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Latest CleanTechnica.TV Videos

Advertisement
 
CleanTechnica uses affiliate links. See our policy here.

Mridul Chadha

Mridul currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.

Mridul Chadha has 425 posts and counting. See all posts by Mridul Chadha