Spain's Acciona to build 3 photovoltaic plants in Egypt

Alliance with Saudi's Switcorp, USD 153 mln in investment

18 October, 19:19

    (ANSAmed) - MADRID, OCTOBER 18 - The Spanish group Acciona Energia will build three photovoltaic plants in Egypt in alliance with the Saudi renewable energy platform Swicorp.

    The plants will have a total power of 150 MW and will require an investment of 180 million dollars (153.2 million euros). The news was given by Acciona after signing the relative contracts in Cairo.

    The three plants, part of Acciona's first renewable energy project in the country, will be located in the Benban complex built by the Egyptian government in the Aswan region.

    The signing of the contract in Cairo was attended by Egyptian prime minister Sherif Ismail, Electricity and Renewable Energy Minister Mohamed Shaker El-Markabi and International Cooperation Minister Sahar Nasr. For Acciona there was the president of the group, José Manuel Entrecanales, and his counterpart for Swicorp, Kamel Lazaar. Taken together, the three plants will produce clean energy equivalent to the consumption of 150,000 Egyptian family units, cutting CO2 emissions by 297,000 tonnes annually (when compared to oil-fired plants).

    The energy produced will be distributed by the state-owned Egyptian Electricity Transmission Company, in line with a 25-year energy sales contract. The financing of the operation was agreed with the International Finance Corporation, part of the World Bank group, and with the Asian Infrastructure Investment Bank, specialized in financing private projects in emerging countries. (ANSAmed).

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