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ACWA Power signs power purchase deal for Egypt’s 200MW Kom Ombo solar plant

The construction and development of new PV plants in Egypt bolsters the efforts of the Ministry of Electricity and Renewable Energy to increase the overall capacity of renewable energy to 20 per cent by 2020. (Image source: ACWA Power)

Saudi Arabia-based ACWA Power, an international developer and operator of power generation and water desalination facilities, has signed a power purchase agreement (PPA) with the Egyptian government to develop, finance, construct and operate the 200MW-Kom Ombo photovoltaic plant

The PPA was signed by Rajit Nanda, chief investment officer at ACWA Power, and Sabah Mashaly, chairman of the Egyptian Electricity Transmission Company, in the presence of senior executives from ACWA Power and delegates from the Egyptian Ministry of Electricity and Renewable Energy.

Construction is expected to be completed during the first quarter of 2021. Once operational, the plant is expected to cater to the power needs of 130 thousand households, in addition to offsetting 280 thousand tonnes of CO2 per year.

“We are keen to leverage renewable energy sources through transparent competitive procurement, which will cater to the country’s current clean energy needs while simultaneously safeguarding our future," Mohamed Shaker, minister of Electricity and Renewable Energy, Egypt.

“The lowest tariff contracted to date for a solar energy in North Africa is not only a reflection of continuing improvement in technology and the entrepreneurship of the developer ACWA Power, but also of the attractiveness of Egypt as an investment destination and the trade and commercial environment of Egypt to enable facilities of this nature to be financed, constructed and operated efficiently," Shaker added.

“The Egyptian government has long recognised renewable energy as a safe and secure source of power to reliably provide electricity to its citizens while advancing their efforts in reducing carbon emissions,” commented Paddy Padmanathan, CEO of ACWA Power.

“We commenced our operations in Egypt through the launch of the Benban PV IPP project, and we are currently in discussions with the Egyptian Ministry of Electricity to finalise agreements for the 2250MW Dairut CCGT, with an investment value of US$2.3bn,” said Rajit Nanda, chief investment officer of ACWA Power

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