Commercial operations to commence in Q3-2022
ACWA Power, the leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 markets, has finalised the project agreements for the 200MW Kom Ombo PV plant in Egypt.
The signing of the 25-year Power Purchase Agreement (PPA), Network Connection Contract and Usufruct Agreement was conducted via a virtual ceremony held with senior government officials and representatives from the Egyptian Electricity Transmission Company (EETC); The New and Renewable Energy Authority (NREA), and ACWA Power.
The agreements were signed by Eng. Sabah Mashaly, Chairman, EETC; Dr. Mohamed Al-Khayat, Chairman, NREA; Rajit Nanda, Chief Portfolio Management Officer and acting CIO, ACWA Power; and Eng. Hassan Amin, Country Development Director- Egypt, ACWA Power.
“Egypt is home to a wide range of untapped renewable resources particularly, wind and solar energy. The electrical capacities that can be generated from renewable sources can reach up to nearly 90 GW,” commented Dr. Mohamed Shaker El Markabi, Egypt’s Minister of Electricity and Renewable Energy.
“Playing a key role in accelerating the energy transition globally, ACWA Power is proud to be a trusted partner in supporting Egypt’s sustainability ambitions through environmental stewardship, social responsibility and good governance,” remarked Paddy Padmanathan, President and CEO, ACWA. ACWA Power,
Construction of the plant is expected to begin in the third quarter of 2021 and upon completion will be one of the largest privately developed utility scale solar plants in Egypt and will support the country in increasing its renewable energy capacity in line with the national targets to generate 22% of Egypt’s power from renewables by 2022 and 42% by 2035.
