Connect with us

Hi, what are you looking for?

CleanTechnica
Saudi Arabian electric utility ACWA Power has been awarded three Egyptian solar PV projects under Round 2 of the country's Feed-in Tariff program, amounting to a total of 165.5 MW worth of new solar capacity. 

Clean Power

ACWA Power Awarded Three Egyptian Solar PV Projects Totaling 165.5 Megawatts

Saudi Arabian electric utility ACWA Power has been awarded three Egyptian solar PV projects under Round 2 of the country’s Feed-in Tariff program, amounting to a total of 165.5 MW worth of new solar capacity. 

Saudi Arabian electric utility ACWA Power has been awarded three Egyptian solar PV projects under Round 2 of the country’s Feed-in Tariff program, amounting to a total of 165.5 megawatts worth of new solar capacity.

ACWA Power signed the Power Purchase Agreements (PPA) with the Government of Egypt on Tuesday for three solar PV power plants in Benban, in the Aswan Province, under Round 2 of Egypt’s Feed-in Tariff (FiT) program. ACWA Power will develop, finance, build, own, and operate the three projects which together will have a capacity of 165.5 MW (megawatts) and require a total investment of $190 million.

The PPA signing was attended by the Prime Minister of Egypt, Dr. Sherif Ismail, the Ambassador of Saudi Arabia, Mr. Ahmed Al Qattan, and the Egyptian Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, and other Ministry leaders.

The three solar projects will have a capacity each of 67.5 MW, 70 MW, and 28 MW, and are expected to reach financial close and begin construction by the end of this year, and upon completion will end up generating enough electricity for the equivalent of 80,000 homes, while simultaneously avoiding 156,000 tonnes of CO2 a year. These will contribute toward Egypt’s plans to secure 20% of its energy generation from renewable energy sources by 2022, thanks to the FiT program which aims to secure 2 GW worth of solar capacity and 2 GW worth of wind capacity.

“Today the Egyptian government has taken another step toward sustainable and enduring energy security through working towards a balanced energy mix,” said Dr. Mohamed Shaker.

“Energy projects are long-term by nature, and by selecting ACWA Power, we have partnered with a developer who is keen to invest in several energy infrastructure projects in Egypt. With the Benban projects, ACWA Power is coming on board as an investor, as well as a developer, and that commitment reflects its continued confidence in Egypt’s political stability and economic viability.”

“Egypt has always been a strategic interest country for ACWA Power,” added Rajit Nanda, Chief Investment Officer of ACWA Power.

“ACWA Power has been in the Egyptian market since 2009, when the company submitted a bid for Dairut power plant and established ACWA Power Egypt in 2015, coinciding with the Egypt Economic Development Conference in Sharm El Sheikh. The Benban projects are a significant for being ACWA Power’s first investment in the country and we are confident that we will have many more opportunities to partner with the Ministry of Electricity in its pursuit of energy security and other strategic goals.”

 
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica member, supporter, or ambassador — or a patron on Patreon.
 
Sign up for our free daily newsletter to never miss a story.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

New CleanTechnica Podcasts

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

EV Press Releases

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Batteries

Too much cleantech news is a good thing, but it sometimes means I need to stuff a bunch of big stories into one article....

Clean Power

EDF and Masdar have hit a home run with a huge win under Morocco’s ambitious and aggressive renewable energy program.

Cap And Trade

For the last forty-odd years, the American Legislative Exchange Council, or ALEC, has been a mainstay of the conservative movement and major force in...

Clean Power

Dubai Electricity and Water Authority (DEWA) and Saudi Arabia’s ACWA Power announced the financial closing of the 950 megawatt concentrated solar power project in...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.