ACWA Power, a leading international developer and operator of power generation and water desalination projects, signed two long-term power purchase agreements (PPA) with Ethiopia’s state-owned electricity producer Ethiopian Electric Power (EEP) for two 125 MWac solar photovoltaic (PV) projects at USD 2.526 cents/kWh over 20 years. Implementation Agreements were also signed with the Government of Ethiopia, represented by the Ministry of Finance. The signing ceremony was attended by H.E. Abiy Ahmed Ali, Prime Minister of Ethiopia, H.E. Sami bin Jameel Abdullah, Saudi Ambassador to Ethiopia, H.E. Ato Ahmed Shide, Ethiopia’s Minister of Finance, Dr. Abraham Belay, Chief Executive Officer of EEP, Tilahun Haile, Director of Ethiopia’s Public-Private Partnerships Directorate General (PPP-DG) of the Ministry of Finance, and Paddy Padmanathan, President and Chief Executive Officer of ACWA Power.
ACWA Power won the bid for the two PV plants of 125 MWac each during the first round of Ethiopia’s solar programme organised by the PPP-DG under the new PPP law, and signed a Letter of Intent with the Ministry of Finance and EEP in October 2019.Write comment (0 Comments)
An agreement has been signed to construct two solar power plants in the Afar and Somali region. According to the press release which issued at the Hilton Hotel in December 19/2019. The accord has signed between the Ministry of Finance, Ethiopian Electric Power and ACWA Power Company.
Teshome Tafese (PhD), State Minister of Finance announced that the two solar power projects will be built at Gad, in the Somali Regional State and the second project will erect at Dechoto, in the Afar Regional State.
The state Minister, also pointed out that, the two solar projects have an installed capacity of generating 250 MW, each having a capacity of 125 MW of power worthing USD 300 million for construction.
According to Dr. Teshome, the agreement will play a significant role engaging the private sector in the energy development thereby bouncing the energy sector and alleviating the government’s debt burden.Write comment (0 Comments)
The Saudi Arabian power company that just one month ago won a contract to develop two solar farms, which will have 250MW in combined capacity, has already commenced mobilizing for the project. ACWA Power, which will develop a power plant with its own 300 million dollars in financing, started clearing the two sites and hiring employees that will engage in the development of the projects. One of the projects, Gad, is located 40Km from Dire Dawa in Somali Regional State, while the other project, Dicheto, is found 90Km from the town of Semera, close to the border with Djibouti in Afar Regional State.
The agreement for the two projects was signed early last week between Ahmed Shide, minister of Finance and the chairperson of the Private Public Partnership (PPP) Board, and Paddy Padmanathan, CEO and President of ACWA. Ethiopian Electric Power has also joined the two parties in signing the contractual agreement that will last for 15 to 20 years. The Saudi Arabian firm will develop the two solar farms on the land provided by the government of Ethiopia. The company won the bid after vying with four other companies that made it into the screening stage. Initially, a total of 12 pre-qualified prospective bidders took part in the bidding process after being shortlisted by the board of the PPP directorate.Write comment (0 Comments)
A Saudi Arabian firm, ACWA Power, has won a USD 300 million worth solar Public Venture (PV) contract, becoming the first private company to win a mega project under the Public Private Partnership (PPP), after the PPP Board of Ethiopia approved the bid summited by the firm. The board approved the first round of the solar project to ACWA Power for the Gad and Dicheto Solar PV projects, in a meeting held on Wednesday. The company was one of 12 companies that summited their respective Request for Proposal (RFP) last February.
The site, which is located in Somali and Afar regional states, respectively, will generate a total of 250MW. Out of the 12 shortlisted companies, seven of them have visited the site and attended a bidder’s conference. Consequently, five have submitted their proposals and out of the five bidders, the Saudi Arabia-based company has qualified for the technical and financial requirements of the bid. According to information obtained from the Minister of Finance (MoF), the Company has offered 2.5260 US cents/kwh for both sites. Currently, this solar power purchase tariff is the lowest in Africa and one of the lowest tariffs globally.Write comment (0 Comments)
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