Acciona Energía will build and own three identical photovoltaic plants in a 50-50 alliance with its partner in the region Swicorp (Saudi Arabia) using its Renewable Energy Platform, Enara Bahrain Spv Wll. Their total rated capacity will be 150 megawatt (186 MW-peak) and the project will represent a total investment of approximately 180 million US dollars.
Overall, they will produce clean energy equivalent to the consumption of around 150,000 Egyptian homes, avoiding the emission of 297,000 tonnes of CO2 from fuel-oil power plants every year.
"We are very pleased to increase our presence in an area with great potential in the long run for the renewable energy sector as is North Africa, working with such reputable partner as Swicorp with the support of IFC and AIIB", says Acciona Energía CEO Rafael Mateo.
"We are happy to see our partnership with Acciona materialize through these projects. We believe in the potential of the Region and Egypt and look forward to executing further projects in our pipeline under our successful alliance with Acciona", says Rabeaa Fattal, Executive Director of SWICORP and Head of ENARA Renewable Energy Platform.