Egypt inks $200mln contract with Saudi ACWA Power

The project will create 2,000 jobs during the construction phase

  
Image used for illustrative purpose. ACWA Power’s three Solar PV projects for 165.5MWp under Round 2 of Egypt FiT program II reach financial close.

Image used for illustrative purpose. ACWA Power’s three Solar PV projects for 165.5MWp under Round 2 of Egypt FiT program II reach financial close.

ACWA Power/Handout via Thomson Reuters Zawya

Cairo – Mubasher: The Egyptian government has signed $200 million agreement with Saudi Arabia’s ACWA Power for the purchase of energy to purchase energy to generate electricity from solar power under the build-own-operate system in Aswan’s Kom Ombo town, according to Ahram Online.

The purchase price of electricity in the new project stands at 2.48 cent per kWh, Egypt’s electricity minister Mohamed Shaker said.

The agreement comes in line with the electricity ministry’s strategy to increase the renewable energy’s contribution to the North African country’s energy mix to 20% to 2022, chairman of the Egyptian Electricity Transmission Company, Sabah Mashali, commented.

Mashali revealed that the project will create 2,000 jobs during the construction phase, in addition to 1,000 in the operation phase.

Source: Mubasher

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