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ACCIONA & Swicorp start construction of three photovoltaic plants in Egypt
Source: Acciona , Author: Posted by BI-ME staff
Posted: Sat March 24, 2018 7:10 pm

UAE. ACCIONA Energía, the renewables subsidiary of ACCIONA Group, and Enara Bahrain Spv Wll (ENARA), the renewable energy platform of the Saudi company Swicorp, have begun construction work on three photovoltaic plants in Egypt with a total a rated capacity of 150 megawatts (MW) - 186 MWp.

The facilities, which will be owned at 50% by both companies when they entered service, represent an investment of around 180 million US dollars and are located in the Benban complex, set up by the Egyptian Government in the Aswan region. They represent the first renewables project by ACCIONA Energía in Egypt.

The three projects come under the feed-in tariff system established by the Egyptian Administration in call for tender Round 2, published in October 2016. Overall, they will produce clean energy equivalent to the consumption of around 150,000 Egyptian homes and avoid the emission of 297,000 tonnes of CO2 per annum from fuel-oil power plants.

PPA over 25 years

The power generated will be supplied to the utility Egyptian Electricity Transmission Company (EETC) under a long-term PPA contract (25 years) governed by the conditions set in Round 2. Finance for the operation has been agreed with International Finance Corporation (IFC), a World Bank body, and with Asian Infrastructure Investment Bank (AIIB), both specialized in financing private projects in emerging countries.

The construction work, which has already started, will last for an estimated 12 months until the start-up of the plants. Each one will be equipped with 190,774 polycrystalline silicon modules of Astronergy technology (Chint group), mounted on horizontal-axis tracking structures manufactured by STI Norland.

The Benban photovoltaic complex covers 37.2 square kilometres on a site provided by the Egyptian Government through its New and Renewable Energy Authority (NREA). It is equipped with the energy evacuation infrastructure required to accommodate 41 privately-owned photovoltaic plants (combined capacity; 1,800 MW).

This initiative comes under the Egyptian Government’s plan to promote renewable energies to diversify the country’s electricity mix, currently dependent on oil and gas (the latter imported) at over 90%.

 It also aims to boost economic growth, expected to be higher than 4% per annum in the medium term. Egypt has set itself a strategic target of covering 20% of its electricity demand with renewables by 2022 compared with 8% in 2015. This would mean 2.8c0 photovoltaic megawatts in operation by that date, according to NREA forecasts.

Photo Captions:
1. (above)  ACCIONA PV plant in South Africa
2. (inset)  For illustrative purposes only (File photo)

Acciona Energía is a global operator in renewable energies with over 20 years’ experience in the sector and more than 9,000 MW under its ownership. It has 220 wind farms totalling 7,382 MW; 76 hydropower plants (876 MW); six CSP plants (314 MW); photovoltaic facilities totalling 389 MWp and three biomass plants (61 MW). The company sells energy to large customers. www.acciona-energia.es

It belongs to ACCIONA, a leading group in sustainable solutions for infrastructures and renewable energy projects worldwide. It covers the entire value chain of design, construction, operation and maintenance.

The company earned revenues of 7,254 million euros in 2017, has a presence in more than 40 countries and carries out its business activities within a commitment to contribute to the economic and social development of the communities it operates in. ACCIONA’s aim is to lead the transition towards a low-carbon economy, incorporating quality criteria and innovative processes into all its projects with the aim of optimizing the efficient use of resources and care for the environment.

For more information, please visit www.acciona.com.

Swicorp is a leading company in investment banking, private capital and asset management with a regional focus on the Middle East and North Africa (MENA). Founded in 1987 by its current president Kamel Lazaar and licenced by the Capital Markets Authority of the Kingdom of Saudi Arabia and the Financial Services Authority of Dubai (United Arab Emirates), Swicorp has grown to become one of the main financial services providers in the region.

Swicorp has a long-standing track record (over 30 years) in pioneering mergers and acquisitions, consultancy and property transactions in the MENA area for regional and international clients. Swicorp has also become one of the main players in private capital sector in MENA, managing over a billion dollars in private capital funds since 2005.

Exploiting is extensive experience in investments and power grids, Swicorp also provides a range of asset management services in various categories, allowing investors to benefit from the great opportunities that arise from the strong growth prospects of economies in the MENA region.

For more information, please visit www.swicorp.com.

 

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