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Acciona, Saudi partner break ground on 3 solar projects in Egypt

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Acciona, Saudi partner break ground on 3 solar projects in Egypt

Spanish renewable energy company Acciona Energia and its Saudi Arabian partner Enara Bahrain Spv Wll announced March 20 that they started the construction of three photovoltaic projects with a combined capacity of 150 MW at the Benban complex in Egypt.

The International Finance Corp., a World Bank body, and the Asian Infrastructure Investment Bank agreed to arrange finances for the projects. Each of the plants will be installed with 190,774 polycrystalline silicon modules of Astronergy technology, mounted on horizontal-axis tracking structures manufactured by STI Norland. The solar plants will deliver electricity to Egyptian Electricity Transmission Co. under a 25-year power purchase agreement.

The projects come under the feed-in tariff system established by the Egyptian administration a 2016 call for tenders.

The facilities represent the Acciona SA subsidiary's first renewable energy projects in Egypt. Ownership will be split evenly between Acciona and Enara, which is a renewable energy business of Saudi private equity firm Swicorp. The solar project represents a combined investment of about $180 million, the companies said.

The Benban PV complex is spread across covers 37.2 sq kilometers of land provided by Egypt's New and Renewable Energy Authority. It can accommodate up to 1,800 MW of generating capacity.

Egypt aims to meet 20% of its electricity demand with renewable energy by 2022.