Spanish renewable energy company Acciona announced it will construct three PV power plant with a combined capacity of 150 MW in Egypt.
The three facilities, the company, said will be part of the 1.8 GW Benban solar complex in Aswan, southern Egypt , and will require an aggregate investment of $180 million.
The projects will be developed in a 50/50 joint venture with Saudi developer Swicorp, through their common newly created platform Enara Bahrain Spv Wll (ENARA). All of the projects, which are being developed under Egypt’s FIT scheme, were granted a 25-year PPA and will sell power to local state-owned power provider Egyptian Electricity Transmission Company (EETC).
The project is being financed by International Finance Corporation (IFC), a member of the Workd Bank, and Asian Infrastructure Investment Bank (AIIB).
The 1.8 GW Benban solar complex represents the larger portion of the 2 GW of PV capacity allocated by the Egyptian government through its FIT scheme for solar.
The 2 GW target is expected to be achieved via the development of 40 individual solar parks of around 50 MW each as Egypt aims to source 20% of its energy from renewables by 2020.