The PPA was signed by Rajit Nanda, Chief Investment Officer at ACWA Power, and Eng. Sabah Mashaly, Chairman of the Egyptian Electricity Transmission Company, in the presence of senior executives from ACWA Power and delegates from the Egyptian Ministry of Electricity and Renewable Energy.
Construction is expected to be completed during the first quarter of 2021.
Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy in Egypt, sees the signing as a crucial building block that will contribute to the Egyptian government’s vision which, he says, aims to upscale sustainable energy security by molding a balanced energy mix.
“We are keen to leverage renewable energy sources through transparent competitive procurement, which will cater to the country’s current clean energy needs while simultaneously safeguarding our future.
“The lowest tariff contracted to date for a solar energy in North Africa is not only a reflection of continuing improvement in technology and the entrepreneurship of the developer ACWA Power, but also of the attractiveness of Egypt as an investment destination and the trade and commercial environment of Egypt to enable facilities of this nature to be financed, constructed and operated efficiently," he added.
According to Paddy Padmanathan, Chief Executive Officer of ACWA Power, the Egyptian government has long recognized renewable energy as a safe and secure source of power to reliably provide electricity to its citizens while advancing their efforts in reducing carbon emissions.
“The Kom Ombo project that we are embarking upon today is a very strong testament to ACWA Power’s commitment to contribute to this mission,” he said, adding, “ACWA Power works alongside its partners to deploy the most up-to-date technologies and leverage sound investment opportunities to continue reducing the cost of generating renewable energy, which is one of the key pillars in driving sustainable economic development of a country.”
The construction and development of new PV plants in Egypt bolsters the efforts of the Ministry of Electricity and Renewable Energy to increase the overall capacity of renewable energy to 20 percent by the year 2020.
