Spain's Acciona and Saudi's Swicorp start work on $180m Egypt solar project

Spain's Acciona and Saudi's Swicorp start work on $180m Egypt solar project
Acciona and Swicorp have started constructing three solar PV plants in Egypt [representational image].
Published: 21 March 2018 - 1:36 a.m.
By: Fatima De La Cerna

Madrid-headquartered Acciona Group has announced that its renewables subsidiary, Acciona Energía, has commenced the construction of three solar photovoltaic (PV) plants in Egypt.

Acciona is developing the project, which will have a rated capacity of 150MW, with Enara Bahrain Spv Wll, the renewable energy platform of the Saudi Arabia-based Swicorp.

According to Acciona, it owns 50% of the project, with Swicorp owning the remaining 50%.

The three solar PV plants represent an investment of around $180m and are located in the Benban complex that the Egyptian Government set up in the Aswan region.

Acciona Energía’s first renewables project in Egypt, the three PV plants come under the feed-in tariff system established by the Egyptian administration in call for tender Round 2, published in October 2016.

Upon completion, they are expected to produce clean energy equivalent to the consumption of around 150,000 Egyptian homes and reduce CO2emissions by 297,000 tonnes per annum.

In a statement, Acciona revealed that the power generated by the plants will be supplied to Egyptian Electricity Transmission Company (EETC), under a 25-year power purchase agreement (PPA).

A financing agreement for the operation of the plants has been reached with International Finance Corporation (IFC), a World Bank body, and with Asian Infrastructure Investment Bank (AIIB). Both specialise in financing private projects in emerging countries.

Construction works will reportedly last for an estimated 12 months. Each plant will be equipped with 190,774 polycrystalline silicon modules of Astronergy technology, to be provided by Chint Group.

The modules will be mounted on horizontal-axis tracking structures manufactured by STI Norland.

The Benban photovoltaic complex covers 3,720ha on a site provided by Egypt's New and Renewable Energy Authority (NREA). It is equipped with the energy evacuation infrastructure required to accommodate 41 privately owned photovoltaic plants, which have a combined capacity of 1,800MW.

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