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ACWA Power Awarded Two Solar Photovoltaic Projects

ACWA Power Awarded Two Solar Photovoltaic Projects

Tuesday, 29 October, 2019 - 10:45

ACWA Power, a leading international developer and operator of power generation and water desalination projects, has been awarded two 125 megawatts (MW) solar photovoltaic (PV) projects by the Public-Private Partnership Directorate General (PPP-DG) of the Ethiopian Ministry of Finance.

The Saudi-based company won the bid for the plants during the first round of Ethiopia’s solar program organized under the new PPP law.

Acwa Power has won bids to develop two solar schemes in Ethiopia with a total capacity of 250 megawatts. The parties are set to sign a long-term power purchase agreement by the year-end for the plants at a tariff of 2.52 US cents per kilowatt-hour over a period of 20 years. The Saudi company was chosen from a list of 12 pre-qualified bidders.

“It is a remarkable achievement to have been selected to deliver these projects, the first to be tendered under the new public-private partnership framework in Ethiopia. We welcome the opportunity to help the country, realize its incredible renewable resource potential, and deliver significant economic, social, and environmental value.”

“At ACWA Power, we firmly believe that reliable, safe delivery of power and water is the first step to developing future-ready economies, and we will be playing our part in ensuring Ethiopia and its people to unlock their full potential,” Paddy Padmanathan, CEO of ACWA Power, commented.

The two projects, tendered in April 2019, are expected to power 750,000 homes and offset 320,000 tons of carbon dioxide per year.

"Our entrance into Ethiopia is yet another attestation of our impressive track record to win bids at low tariffs and transform the energy sectors of growing economies," Acwa Power chief investment officer Rajit Nanda said in a statement.

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