Power Purchase Agreement article is sponsored by ACWA
ACWA Power – a leading international developer and operator of power generation and water desalination facilities from Saudi Arabia – signs a Power Purchase Agreement (PPA) with the Government of Egypt to develop, finance, construct and operate the Kom Ombo photovoltaic plant, which will yield a capacity of 200 MW. The signing took place under the patronage of His Excellency Dr. Mostafa Madbouly, Prime Minister of Egypt; His Excellency Osama Naqli, the Ambassador of the Kingdom of Saudi Arabia at Egypt; and Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy.
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. Once operational, the plant will cater to the power needs of 130 thousand households, in addition to offsetting 280 thousand tons of carbon dioxide per year.
Padmanathan added: “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. As a Saudi company, we are particularly proud of this partnership with our brothers and neighbours that will accelerate the deployment of clean energy, and contribute to the social and economic development of the Arab Republic of Egypt. This investment will not only generate 200 megawatts of solar energy, but will also power the creation of jobs by propagating a green economy and nurturing a vibrant society.”
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%.