While these solar projects will be ACWA Power’s first venture in Ethiopia, the company already operates in Africa with solar assets in Morocco, South Africa, and Egypt, fueling the power needs of respective communities
October 29, 2019. By News Bureau
ACWA Power and Ethiopia Electric Power (EEP) and the Ministry of Finance has announced that it has signed a Letter of Intent. The entities will proceed to sign a long-term power purchase agreement for the projects at USD 2.52 cents/kWh over a time span of 20 years before the end of 2019. With a combined capacity of 250 MWac, the projects will contribute in addressing the current energy shortfall as well as diversifying the energy mix in Ethiopia, where the Government is currently working to increase the electricity generation capacity of the country from 4,300 MW to 17,300 MW by 2020. The new plants will be located in Dicheto, in the Afar region, and in Gad, in the Somali region of the country.
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, said Paddy Padmanathan, Chief Executive Officer of ACWA Power
The two solar PV projects that were tendered in April 2019 are estimated to power 750,000 homes and offset 320,000 tonnes of carbon dioxide per year. ACWA Power was selected as the winning bid out of 12 pre-qualified bidders. While these solar projects will be ACWA Power’s first venture in Ethiopia, the company already operates in Africa with solar assets in Morocco, South Africa and Egypt, fueling the power needs of respective communities.
AI will move from being a good-to-have technology to a must-have technology
We Need to Create Employment Opportunities that would Inspire Women to Join Clean Energy Space
There Must be a Penal Mechanism on Discoms for Delay in Signing PPAs, Payments Release
India’s Power Sector Must be Financially, Physically Resilient to Secure Investments it Needs