The project agreement with the Egyptian Electricity Transmission Company extends 25 years, with a total investment cost of SR 611 million.
The Saudi company ACWA Power announced the start of operation of the Kom Ombo solar power station project in Egypt with a production capacity of up to 200 megawatts, according to a disclosure on the Saudi Stock Market Tadawul.
The project agreement with the Egyptian Electricity Transmission Company extends 25 years, with a total investment cost of SR 611 million.
The financial impact of operating the station is expected to appear starting in the third quarter of 2024.
ACWA Power owns 100% of the Kom Ombo solar power station, in Aswan Governorate, southern Egypt.
Earlier in April 2023, The Saudi company ACWA Power signed a financing agreement amounted to $123 million to develop the Kom Ombo solar power station project in Egypt, according to a statement issued by the company.
Earlier in July 2023, Egypt’s Ministry of Electricity, represented by the New and Renewable Energy Authority, has entered into an agreement with Saudi-based company ACWA Power to allocate and provide land for a 10-gigawatt wind energy project in the West Sohag region.
The project is expected to produce approximately 50,000 gigawatt-hours of renewable energy upon completion, leading to a reduction of 2.4 million tons of annual carbon dioxide emissions and providing electricity to about 11 million residential units.
When all phases of the project are completed, it is projected to save Egypt around $6.5 billion in annual natural gas costs and create approximately 120,000 job opportunities.
This includes 45,000 direct employment opportunities during the construction phase and indirect employment for around 75,000 individuals. Additionally, there will be 2,500 jobs for operation and maintenance after the entire plant is built.
