Acwa to develop $190m solar projects in Egypt

Saudi-based Acwa Power, a major developer, investor and operator of a portfolio of power generation and desalinated water production plants, has reached financial close of three solar PV projects under Round 2 of Egypt's Feed-in-Tariff programme II.

As per the deal, Acwa Power will finance, build, own and operate the three projects with an aggregate capacity of 165.5 MWp. The work on all the projects will start in the first quarter.

The projects, which are being developed in the Aswan Province at Benban, will have a capacity of 67.5 MWp, 70 MWp and 28 MWp respectively. It is being built at a total cost of $190 million.

Once operational in the fourth quarter, the new installed capacity will power 80,000 houses and result in savings of 156,000 tons of CO2 every year.