ACCIONA Energía is set to develop three 50MW solar photovoltaic (PV) plants in Egypt.
The projects are expected to be implemented through a 50/50 joint venture (JV) between ACCIONA Energía and Saudi Arabian developer Swicorp, using renewable energy (RE) platform Enara Bahrain Spv Wll (ENARA).
An investment of $180m is planned for construction of the plants, which will be situated in the Benban complex in Aswan.
Construction is due to begin by December this year, while commissioning is planned to be carried out in December 2018.
The project will comprise three 50MW plants, which will each feature 190,774 polycrystalline silicon modules from Jinko Solar technology. The modules will be mounted on STI Norland horizontal-axis tracking structures.
The plants will be able to produce sufficient energy to power the equivalent consumption of 150,000 homes.
ENARA head and SWICORP executive director Rabeaa Fattal said: “We believe in the potential of the Region and Egypt and look forward to executing further projects in our pipeline under our successful alliance with ACCIONA.”
In addition, the new solar project will supply electricity to the Egyptian Electricity Transmission Company (EETC) under a long-term purchase and sale contract for a period of 25 years.
World Bank institution International Finance (IFC) and Asian Infrastructure Investment Bank (AIIB) have agreed to finance the project.