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Saudi Acwa Power to establish $80M solar plant

Saudi Acwa Power to establish $80M solar plant

ArabFinance: The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker, announced signing agreements with the Saudi-based Acwa Power worth $80 million under a 25-year BOO (build-own-operate) framework, Al Arabiya reported on April 6th.

The Egyptian Electricity Transmission Company signed a 25-year deal with Acwa Power, under which it will construct a 200 megawatts solar photovoltaic plant in Aswan's Kom Ombo under a build, own, operate (BOO) scheme.

Furthermore, the New and Renewable Energy Authority (NREA) signed a usufruct land agreement with ACWA Power for a 25-year period in exchange for the value of usufruct, equivalent to 2% of the total value of the generated power.

The commercial operation of the project is expected to start in the third quarter of 2022.

The project will provide clean energy to power up to 130,000 households.

 

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