Spanish renewable energy company Acciona Energía has teamed up with Swicorp (Saudi Arabia) to build and own three identical photovoltaic plants in Egypt.
Acciona will build the plants, with total rated capacity of 150MW, on an equal stake joint venture basis with Saudi developer Swicorp. The facilities will be located in the Benban complex in the Aswan region.
In building the photovoltaic plants, Acciona will use its renewable energy platform, Enara Bahrain Spv Wll (ENARA). The project will be developed with an investment of $180m.
The projects were granted energy sale contracts (PPAs) for a period of 25 years and will supply power to local state-owned power provider Egyptian Electricity Transmission Company (EETC).
International Finance Corporation (IFC), a member of the Workd Bank, and Asian Infrastructure Investment Bank (AIIB) have agreed to provide the required financial support for the project.
Upon becoming operational, the power plants will produce clean energy sufficient to power about 150,000 Egyptian homes, and help to decrease the emission of 297,000 tonnes of CO2 from fuel-oil power plants every year.
Acciona Energía CEO Rafael Mateo said: “We are very pleased to increase our presence in an area with great potential in the long run for the renewable energy sector as is North Africa, working with such reputable partner as Swicorp with the support of IFC and AIIB.”
Swicorp executive director and head of ENARA Renewable Energy Platform Rabeaa Fattal said: “We are happy to see our partnership with Acciona materialize through these projects. 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.”
Construction is slated to commence in December 2017, with entry into service planned 12 months after. Each plant will feature 190,774 polycrystalline silicon modules of Jinko Solar technology, mounted on horizontal-axis tracking structures made by STI Norland.