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.
Jun 15 - Jun 16, 2021
The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.
Mar 10 - Mar 12, 2021
Penang, Malaysia (also available virtually)
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.