Saudi Arab-based ACWA Power has secured a deal to develop three solar photovoltaic power plants in Benban, Egypt.
As part of the new deal, ACWA Power will develop, finance, own and operate the plants, which will have a $190m investment value and an aggregate capacity to generate 165.5MW of energy.
When completed, the plants will be a part of the second round of the Egyptian Government’s Feed-in-Tariff (FiT) programme, which seeks to initially produce 2,000MW of solar power and 2,000MW of wind power.
The plants are also expected to help the country meet its increasing energy requirements.
In the recent years, power demand in Egypt has increased by 28%.The country’s Ministry of Electricity and Renewable Energy (MoERE) aims to generate 20% of its energy from renewable sources by 2022.
ACWA Power has also signed a power purchase agreement with the Egyptian Government for the three plants.
.MoERE minister Dr Mohamed Shaker said: “Today, the Egyptian Government has taken another step toward sustainable and enduring energy security through working towards a balanced energy mix.”
The proposed solar power plants in Benban will be able to individually generate 67.5MW, 70MW and 28MW of energy.
Project construction is expected to begin by the last quarter of this year. The projects are set to be operational by next year and will power around 80,000 houses while reducing 156,000t of carbon dioxide (CO2) emissions per annum.