Saudi Arabia’s ACWA Power has been selected to develop 1.1GW of wind power in Egypt, the developer revealed in its first quarterly results since launching its initial public offering (IPO) in October
In the operational highlights, ACWA Power revealed that it had been awarded a “…power purchase agreement (PPA) for Egypt’s 1,100MW wind IPP (independent power producer) by the council of ministers of the Egyptian government.”
According to sources close to the scheme, the contract was awarded following direct negotiations with the government rather than through competitive tendering.
In April, Energy & Utilities reported that ACWA Power had signed the final project agreements for the 200MW photovoltaic (PV) solar Kom Ombo solar project in Egypt.
Also in the operational highlights of its maiden quarterly results, ACWA Power revealed it had sold a 32 per cent equity stake in the oil-fired Shuqaiaq power and water plant, part of its net zero target.
ACWA Power revealed in the results that operating income, before impairment loss and other expenses, for the first nine months of 2021 was US$440mn – flat when compared with the same period in 2020.
Other operating highlights include:
1) Financial close of the 1,500MW Sudair PV IPP in July
2) The commissioning of the 300MW first phase of the 900MW fifth phase of the Mohammed bin Rashid (MBR) solar park in Dubai
3) Signing the asset acquisition and project financing agreements of the US$12bn Jizan integrated gasification combined-cycle (IGCC) power plant in September