ACWA Benban Solar PV I

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The project entails the construction, development and operation of a PV solar plant, located in Ben Ban, Aswan governorate in Upper Egypt. The total output of the plant is 50 MW. This is the first of the total 3 plants Acwa is building in Benban. ACWA Benban Solar PV I is undertaking the project on behalf of the sponsors. Acwa Power is developing the projects with Chinese partner CHINT Solar and local partner Al-Tawakol Electrical and Hassan Allam Holding. ACWA is considered to hold 51% with the remaining 49% being held by the other 3 sponsors. This is a greenfield project initiated on a BOO modality. The contract for the development was awarded under the country’s feed in tariff (FIT) round two program. Egypt’s Electricity and Transmission Company will purchase power from the project under 25-year power purchase agreement. The required investment stands at $77.5 million and is being financed with debt and equity, $58 million and $19.5 million, respectively. The loans were provided by Industrial & Commercial Bank of China and EBRD. Project financing closed on October 31st, 2017. The projects will also receive support from MIGA. http://www.ebrd.com/work-with-us/projects/psd/acwa-benban-solar-pv-i.html http://www.acwapower.com/en/news/press-releases/acwa-power-signs-epc-contract-with-chint-group-to-build-three-pv-projects-at-egypt-totaling-1655mw-capacity/ http://www.acwapower.com/en/news/press-releases/acwa-power-s-three-solar-pv-projects-for-1655mwp-under-round-2-of-egypt-fit-program-ii-reaches-financial-close/ Hassan Allam Holding to be added to sponsors list