Acwa Power inks agreement with Egypt for 200MW solar plant
Egypt plans to increase the overall capacity of its renewable energy to 20 percent by 2020
Saudi Arabia’s Acwa Power has signed a power purchase agreement with the government of Egypt to develop, finance, construct, and operate the 200MW Kom Ombo photovoltaic plant.
The PV plant will cater to the power needs of 130,000 households and offset 280,000 tonnes of CO2 per year, once operational, with construction expected to be completed during Q1 2021.
Egyptian Minister of Electricity and Renewable Energy Dr Mohamed Shaker said: “The signing of [this] project is a crucial building block that contributes to the Egyptian government’s vision – which aims to upscale sustainable energy security by moulding a balanced energy mix.”
He added that Egypt is keen to leverage renewable energy sources through transparent competitive procurement, which will cater to the country’s current clean energy needs.
Commenting on the agreement, Paddy Padmanathan, CEO of Acwa Power said: “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.”
“The Kom Ombo project that we are embarking upon today is a very strong testament to Acwa Power’s commitment to contribute to this mission. As a Saudi company, we are particularly proud of this partnership with our brothers and neighbours that will accelerate the deployment of clean energy, and contribute to the social and economic development of Egypt.”
“This investment will not only generate 200MW of solar energy but will also power the creation of jobs by propagating a green economy and nurturing a vibrant society,” he added.
Rajit Nanda, CIO of Acwa Power said: “This clean energy project embodies the extension of our investments in the renewable sector in the continent, particularly in the North African region, which is witnessing rapid growth in renewable energy projects.”
The construction and development of PV plants will support the efforts of Egypt’s Ministry of Electricity and Renewable Energy to increase the overall capacity of renewable energy to 20 percent by 2020.
