Ethiopian Energy^Power Business Portal,eepBp

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 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.

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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.

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