Recently, ACWA Power, a Saudi Power engineering company, said it would finance three solar photovoltaic projects in Egypt under the second feed-in tariff plan II.
It is understood that the total power generation capacity of these three photovoltaic projects will reach 165.5MW.The total cost of the project was $190 million, of which 75 percent came from the European bank for reconstruction and development and industrial and commercial bank of China without recourse financing.The photovoltaic projects are located in Aswan, Egypt, at 67.5 mw, 70 mw and 28 mw respectively.Construction is expected to begin in the first quarter of 2018 and officially put into operation in the fourth quarter of 2018.
The electricity generated will provide electricity to some 80,000 households, reducing carbon dioxide emissions by 156,000 tonnes a year.
ACWA Power, President and chief executive officer, said "we are very pleased to have the first batch of Egypt project not only realize the financial revenues and expenditures, and will also support the Egyptian government by 2022 completed 20% of the renewable energy target commitment."
"As our first pv projects, they laid the foundation for more opportunities for ACWA Power," he said.As early as 2009, ACWA Power set up a local company, ACWA Power Egypt, in Egypt in 2015 to determine the investment destination it was worth pursuing.The successful financing of these projects is a precursor to the change in power generation capacity deployment and reinforces the potential of our beliefs in the country.