Acciona begins construction on three PV projects in Egypt

The Spanish renewable energy project developer Acciona S.A. has commenced construction on three large-scale photovoltaic power plants in Egypt, in cooperation with Saudi investment banking firm Swicorp. The plants, which will have an aggregate capacity of 186 MW, are being developed under Phase II of Egypt’s feed-in tariff (FiT) schemes and will be located at the Benban solar complex. The plants will be jointly developed by the two companies, which will invest around $180 million in the projects. Upon completion, the plants will sell power to the Egyptian Electricity Transmission Company under the 25-year FiT contract.