ACWA Power reaches financial close on Egypt solar PV projects
Saudi Arabian group ACWA Power has reached financial close on three solar photovoltaic (PV) projects, in Egypt.
The projects, which are located in the southern Aswan province, are being developed under Round 2 of Egypt’s Feed-in-Tariff programme and are subject to 25-year power purchase agreements.
Seventy-five percent of the $190-million cost of the projects will be funded through nonrecourse project debt from the European Bank for Reconstruction and Development and the Industrial and Commercial Bank of China, while the remaining 25% will be financed with equity capital provided by sponsors.
“We are very excited that our first projects in Egypt have not only achieved financial close but are three PV power plants, supporting the Egyptian government in its pursuit of securing 20% renewable energy in the power generation mix by 2022,” CEO Paddy Padmanathan said in a statement.
Construction on the projects, which will have a respective capacity to generate 67.5 MW, 70 MW and 28 MW, will begin in the first quarter of this year and are set to be commissioned in the fourth quarter.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation