ACWA Power to develop 61.3 MW in Jordan under record-low tariff

Riyadh-based ACWA will sell electricity from the array at a record-low rate of roughly $0.056/kWh over a period of 20 years, according to an online statement.

The rate is about 3.3% lower than the tariff that ACWA secured for its first 50 MW solar project in Jordan, near the city of Mafraq.

The company will finance, develop, build, own and run the Risha project, which will provide enough electricity to cater to the needs of 12,000 homes upon completion.

“ACWA Power is coming on board as an investor, as well as a developer, and that commitment reflects their continued confidence in Jordan’s political stability and economic viability,” said Jordanian Energy Minister Ibrahim Saif.

In early January, the Moroccan government’s renewable-energy agency said that it had chosen Acwa Power to develop 170 MW of PV plants in the country for €0.042/kWh.

ACWA also holds a stake in the Dubai Electricity and Water Authority’s (DEWA) 200 MW second phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, along with Spain’s TSK.