Monday February 26th, 2024
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Saudi Power Company to Develop $190 Million Solar Power Project in Egypt

The energy company ACWA Power will be implementing three solar power projects as a part of Egypt's second round of the feed-in-tariff programme.

Staff Writer

It’s undeniable that solar power is the energy of the future. And it looks like the future is coming to Egypt because ACWA Power, the Saudi Arabian energy company, announced that they will be developing three solar power projects in Egypt for a total of $ 190 million as a part of Egypt’s second round of the feed-in-tarriff programme, according to The National. 

The energy company will be teaming up with Egyptian Tawakol and Hassan Allam Holding to build the 165.5 photovoltaic plants in Benban, Aswan. The European Bank for Reconstruction and Development, the Commercial Bank of China, as well as the Multilateral Investment Guarantee Agency are all taking part by paying half of the $ 190 million investment. 

Additionally, Dubai-based Access Power, Norway’s Scatec, Alfaner of Saudi Arabia, Sharpoorj Paloonji of India, and France’s EDF will also be investing in ACWA Power’s second round of solar projects in Egypt. The projects are meant to power an estimated total of 80,000 homes by next year. 

Main Image by ACWA Power.