ACWA Power signs purchase agreement for 200 MW Egypt PV plant

Saudi-based ACWA Power has signed a Power Purchase Agreement (PPA) with the Government of Egypt to develop, finance, construct and operate the Kom Ombo photovoltaic (PV) plant, with a capacity of 200 megawatts (MW).

The PPA was signed by Rajit Nanda, Chief Investment Officer at ACWA Power, and Eng. 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, the utilities provider said in a statement.

Once operational, the plant will cater to the power needs of 130,000 households, in addition to offsetting 280,000 tons of carbon dioxide 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," Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy in Egypt, said.

“This investment will not only generate 200 MW of solar energy, but will also power the creation of jobs by propagating a green economy and nurturing a vibrant society,” Paddy Padmanathan, President and CEO of ACWA Power, said.

ACWA Power is also currently in discussions with the Egyptian Ministry of Electricity to finalize agreements for the 2,250 MW Dairut CCGT, with an investment value of $2.3 billion.