Acciona starts the construction of its 3 solar power projects in Egypt

Spain-based renewable energy project developer Acciona has started the construction work of three large-scale PV power plants in Egypt in collaboration with Saudi investment firm Swicorp. The facilities will have a combined capacity of 186 MW when complete, and 50 per cent will be owned by Acciona and Swicorp. Overall, the two companies will invest around $180 million in the projects, which are being developed under Phase II of Egypt’s feed-in tariff (FiT) scheme, and will be located at the 1.8 GW Benban Solar Park. All the three projects will sell power to local utility Egyptian Electricity Transmission Company under a 25-year FiT contract. The projects are being financially backed by IFC and the Asian Infrastructure Investment Bank.