ACWA Power progresses Ethiopia solar bid with ‘first of a kind’ 250MW solar PPA

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

ACWA Power has penned two long-term power purchase agreements (PPAs) with Ethiopia’s state-owned Ethiopian Electric Power for 250MWac of solar in the nation.

ACWA will sell the power at a price of US$0.02.526/kWh – what was billed as a record low for Africa back in September – over the course of 20 years, while implementation agreements were also signed with the Government of Ethiopia.

The project developer heralded the agreements as a first of their kind for an Ethiopian utility.

Letters of intent were exchanged between ACWA and Ethiopia’s finance ministry in October this year, following ACWA landing contracts within the first round of auctions under Ethiopia’s solar programme.

ACWA fended off stiff competition from 12 pre-qualified bidders within the auction process.

Paddy Padmanathan, chief executive at ACWA, said the agreements signified the confidence the nation has in its ability to support its renewables ambitions.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

June 18, 2021
Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
June 16, 2021
Berkeley Energy has raised €130 million in the first close of the Africa Renewable Energy Fund II
June 16, 2021
A round-up of the latest stories from the US solar market, featuring news of Sunnova’s latest securitisation, Ameresco’s installation of solar at a US Air Force Base and Extensible Energy’s latest capital investment.
June 15, 2021
The confidence of renewable energy investors and developers stands at an “all-time high”, a new report by the American Council on Renewable Energy (ACORE) claims, however investment must surge in the coming years if the US is to meet decarbonisation goals.
June 14, 2021
Mozambique-based coal operator Ncondezi Energy has announced a joint venture (JV) with South African-based NESA to target South Africa’s C&I solar and storage markets.
June 3, 2021
Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021