Summary
- Signs a 20-year PPA agreement for 250 MWac PV projects
- The first of a kind in the Ethiopian utilities landscape
- The PV projects are estimated to power 750,000 homes in Ethiopia and offset 320,000 tonnes of carbon dioxide per year
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.
Read more: ACWA POWER TO DRIVE SOLAR ENERGY DEVELOPMENT IN ETHIOPIA
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