· ACWA Power acquires Sunrise Solar Energy PSC, which was awarded the 50MWe PV IPP in the Round II of the PV Procurement program by the Ministry of Energy and Mineral Resources
· 20 year Power Purchase Agreement with NEPCO
· Project will deliver Solar Energy at a record low tariff of 0.043 JD/kWh (equal to c. 6.13 USD cents/kWh), 6% lower than the second best tariff
· Leverages on the capabilities of CEGCO, a subsidiary of ACWA Power, for the O&M
Dubai, United Arab Emirates: After having recently signed the Power Purchase Agreement ("PPA") for the repowering of the 485 MW Hussain CCGT IPP, ACWA Power announces the acquisition of Sunrise Solar Energy PSC (from Sunrise Solar System Jordan), which is the project company for the 50MWe solar photovoltaic plant that will deliver the lowest tariff (0.043 JD/kWh equal to ca. 6.13 USD cents/kWh) in the Round II of the Photovoltaic Procurement program of the Ministry of Energy and Mineral Resources. This project will result in c. 2.3 million tons of CO2 saved during its PPA term, which is roughly enough to power 15,000 homes.
The plant will be located in Mafraq Development Area (50km north-east of Amman) and will border with the other two plants awarded with the 2nd and 3rd higher tariffs in the same round, forming a 150MWac Solar Complex.
The PPA and the Connection Transmission Agreement ("CTA") for the project were signed by Sunrise Solar Energy PSC and NEPCO on 20th January 2016.
Thamer Al Sharhan, Managing Director of ACWA Power said: "Stepping into this project to realize this new benchmark tariff of 6.13 USD cents/kWh for PV energy in Jordan once again demonstrates ACWA Power's commitment to cost leadership in power generation. This project, together with the recently launched Husain Thermal Repowering Project, also helps to increase economic activity in the country while simultaneously reducing the cost of producing electricity and lowering the carbon footprint of the generation portfolio of Jordan."
ET Solutions from Germany will be the EPC contractor for the project, while the O&M will be undertaken by CEGCO of Jordan, in cooperation with NOMAC, ACWA Power's O&M subsidiary.
Rajit Nanda, Chief Investment Officer of ACWA Power said: "We capitalised on a very unique opportunity to consolidate our leading position as the most significant power generation capacity provider through the CEGCO portfolio all the while continuing to reliably deliver clean energy at the lowest ever tariffs for Solar PV in the region, following on from the pace-setting tariff established on the 200 MW Shuaa Energy PV project in Dubai, thereby offering the best value for money solutions to our off-takers."
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About ACWA Power:
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power's portfolio, with an investment value in excess of USD 30.5 billion, can generate 21.5 GW of power and produce 2.5 million m3 /day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.
ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power pursues a mission to reliably deliver electricity and desalinated water at the lowest possible cost while seeking to maximize local content and local employment creation, thereby contributing to the social and economic development of the communities and countries it invests in and serves.
ACWA Power strives to achieve success by adhering to the values of Diversity, Rigor, Ingenuity, Fairness and Integrity in operating its business.
© Press Release 2016
