Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    MHRSD: 80% of recruitment offices are non-compliant with regulations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    Police fatally shoot man at Toronto's international airport    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ACWA Power to drive solar energy development in Ethiopia
Published in The Saudi Gazette on 22 - 12 - 2019

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 Abiy Ahmed Ali, Prime Minister of Ethiopia, Sami bin Jameel Abdullah, Saudi Ambassador to Ethiopia, 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.
Ato Ahmed Shide, Ethiopia's Minister of Finance, expressed his satisfaction with the partnership, saying: "Ethiopia has highly ambitious growth plans that require a reliable, secure and affordable supply of energy. Our focus is to expand our renewables capacity and we are confident that ACWA Power's leadership and international expertise in this sector will benefit us significantly. We are proud to be working with ACWA Power on the lowest-tariff project in Africa. We believe this partnership will aid us tremendously in creating long term sustainable value for our nation and communities".
Tilahun Haile, Director of Ethiopia's Public-Private Partnerships Directorate General (PPP-DG) of the Ministry of Finance, also shared his remarks, saying: "The two projects are key to strengthening our renewable energy delivery. Though the first under the public-private partnership framework, we believe that they will set the stage for future collaborations in the Ethiopian energy sector. With the PPAs in place we are confident of achieving the development and implementation of these two solar projects in a timely manner and securing sustainable power to meet our growing demands."
With a combined capacity of 250 MWac, the PV projects are estimated to power 750,000 homes in Ethiopia and offset 320,000 tons of carbon dioxide per year. The new plants will be located in Dicheto, in the Afar region, and in Gad, in the Somali region of the country.
Paddy Padmanathan, President and Chief Executive Officer of ACWA Power, said: "The signing of the PPAs is of great importance and signifies the confidence that the Ethiopian government has in our ability to support their energy building ambitions. We are pleased to have been selected to deliver the first projects to be tendered under the new public-private partnership framework in Ethiopia. As a leader in the renewable energy sector, we are confident that our expertise will help support the government in achieving its goal of increasing the electricity generation capacity from the current 4,300 MW to 17,300 MW by 2020".
"The 250MWac projects are the first of a kind in the Ethiopian utilities landscape and will be a support the diversification of the energy mix within the country," Padmanathan added.
"This partnership is a strong reflection of the Ethiopian government's trust in ACWA Power's expertise and business model. Our strategy to provide low tariffs not only cements ACWA Power as the partner of choice, but is a reinforcement of our ability to help sustain the nation's positive economic growth and improve living standards by providing safe and affordable access to electricity", Rajit Nanda, Chief Investment Officer of ACWA Power, concluded.
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 and wind assets in Morocco, South Africa and Egypt, fuelling the power needs of respective communities. — SG


Clic here to read the story from its source.