Saudi power company ACWA Power today revealed it has signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company and said development was on track for generation to start before October next year.
Half of the EGP1.6 billion charge will be paid up front with the balance staggered over five years, pv magazine has learned.
Sources connected to developers at the site confirm the figure has been agreed with the Egyptian Electricity Transmission Company but said it was still subject to change. The utility is seeking raised contributions from renewables companies to cover what it says were rises in building material costs.
The French energy group has injected an unspecified sum into KarmSolar, which has a 165 MW solar project portfolio in Egypt. The developer specializes in power purchase agreements and solar distribution contracts with large commercial, agricultural and industrial clients.
Boasting 195 MW of bifacial-and-tracking capacity, Scatec Solar is halfway to its planned 400 MW target for the technology combination at the 1.8 GW Benban park. The remainder is likely to come online this year.
The association that represents developers operating at the 1,465 MW solar project in Egypt – due for completion in June – say they have been told nothing about a rumored rise in investment costs caused by more expensive construction materials.
The 30 MW plant was developed by a consortium led by Infinity Solar Energy SAE – an Egyptian developer operating in Africa and the Middle East – with Germay’s ib vogt, investment vehicle MMID and private equity firm BPE Partners.
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