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ACWA Power signs 200-MW solar PPA in Egypt

Solar park in Egypt's Aswan province. Photo by: EBRD (www.ebrd.com).

October 31 (Renewables Now) - Saudi Arabia’s ACWA Power has sealed a power purchase agreement (PPA) with the government of Egypt that enables the construction of the 200-MW Kom Ombo solar plant in Aswan Governorate.

The company said in a statement on Wednesday that it expects construction work on the project to be completed in the first quarter of 2021. Once up and running, the facility will generate enough power to meet the annual consumption of about 130,000 homes.

Mohamed Shaker, Minister of Electricity and Renewable Energy in Egypt, commented that the plant will sell power at the lowest tariff contracted to date for solar energy in North Africa. He has unveiled that the price amounts to USD 0.0248 (EUR 0.0222) per kWh, according to Ahram Online.

Egypt’s Ministry of Electricity and Renewable Energy has set a goal to raise the country’s total renewable energy capacity to 20% by 2020.

(USD 1.0 = EUR 0.896)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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