Construction of the $180 million project is expected to begin in December
Saudi Swicorp’s renewable energy platform, Enara Bahrain Spv Wll and Spain’s Acciona Energia have teamed up in a 50-50 partnership to build three identical photovoltaic plants in Egypt.
The plants will eventually produce clean energy to 150,000 homes and avoid the emission of 297,000 tonnes of CO2 from fuel-oil power plants a year, according to Acciona Energia.
Construction for the $180 million, 37.2 sq.km ‘Benban’ project – which is located in Egypt’s Aswan region – is expected to begin in December 2017, with entry into service expected 12 months later.
The projects come under a feed-in tariff regime set up by the Egyptian government set up by the Egyptian administration in call for tender Round 2, which was launched in October 2016. The energy will be supplied to the Egyptian Electricity Transmission Company (EETC) under a 25-year long-term purchase and sale contract, according to the terms set in Round 2.
“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,” said Rabeaa Fattal, executive director of SWICORP and head of ENARA Renewable Energy Platform.
Benbar is part of the Egyptian government’s efforts to diversify its electric power mix, which at the moment is 90 percent dependent on oil and imported gas.