Acwa Power signs power purchase agreement for Egypt solar project

Saudi Arabia’s Acwa Power has signed the power purchase agreement (PPA) for the 200MW Kom Ombo photovoltaic (PV) solar project in Egypt

Saudi Arabia’s Acwa Power has signed the power purchase agreement (PPA) for the 200MW Kom Ombo photovoltaic (PV) solar project in Egypt.

The Saudi developer signed the PPA with the Egypt Electricity Transmission Company (EETC) in Cairo on 30 October.

Acwa Power was selected as the preferred bidder in April this year after submitting the lowest tariff proposals of 2.752 $cents a kilowatt hour ($c/kWh) and 2.7499$c/kWh in August 2018.

In September, EETC appointed three firms to provide advisory services for the 200MW solar IPP.

US/Indian firm Synergy Consulting was appointed as financial adviser, US-based law firm Baker Mckenzie as legal advisor and US firm Sargent & Lundy as technical adviser.

Egypt has set targets for renewable energy to contribute 20 per cent and 35 per cent of total energy produced by 2022 and 2035 respectively.