Saudi ACWA Power signs MoU to renew concessions for Egypt solar plant

Saudi Arabia’s power and water project developer ACWA Power has signed Wednesday a memorandum of understanding to extend a concession to build a solar power plant in Binban near Aswan.

Hassan Amin, Country Manager at ACWA Power, has signed the MoU with Mohamed Moussa Omran, head of the Egyptian New and Renewable Energy Authority (NREA).

The signed contracts lie within the framework of Egypt’s feed-in tariffs (FIT).

In 2014, the Egyptian Ministry of Electricity first announced the feed-in tariff system, targeting 4.3 gigawatts of wind and solar projects to be established over three years.

The feed-in tariffs allow private producers, whether households or companies, to produce solar energy and sell it to the government to be added to the national grid.