ACWA Power,a leading international developer and operator of power generation and water desalination projects signed two long-term power purchase agreements (PPA) with Ethiopia’s state-owned electricity producer Ethiopian Electric Power (EEP) for two 125 MWac solar photovoltaic (PV) projects at US$2.526 cents/kWh over 20 years.
ACWA Power won the bid for the two PV plants of 125 MWac each during the first round of Ethiopia’s solar program organized by the PPP-DG under the new PPP law and signed a Letter of Intent with the Ministry of Finance and EEP in October 2019.
With a combined capacity of 250 MWac, the PV projects are estimated to power 750,000 homes in Ethiopia and offset 320,000 tonnes of carbon dioxide per year. The new plants will be located in Dicheto, in the Afar region, and in Gad, in the Somali region of the country.
ACWA Power was selected as the winning bid out of 12 pre-qualified bidders. While these solar projects will be ACWA Power’s first venture in Ethiopia, the company already operates in Africa with solar and wind assets in Morocco, South Africa, and Egypt, fuelling the power needs of respective communities.
Country updates
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November 25, 2019
Consultant sought for road corridor project between Djibouti and Addis Ababa
The government of Djibouti and the World Bank have issued a request for expression of interest for the technical consultant for a road corridor between Djibouti and Ethiopia. The authorities have...
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October 08, 2019
Ethiopia appoints adviser for Ethio Telecom privatization
The Government of Ethiopia has appointed KPMG as the transaction advisor in the privatization process of the state-owned company Ethio Telecom. In the coming weeks, the government will also appoint a...
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September 20, 2019
Contract award for 250 MW solar PPP contract in Ethiopia
Saudi Arabia’s energy firm ACWA Power has been awarded USD 300 million worth solar contract to develop two photovoltaic plants with a combined capacity of 250 MW after its bid was approved by th...
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September 19, 2019
Ethiopia, IFC launches consultancy tender for telecom support
The Government of Ethiopia (GOE) in partnership with the International Finance Corporation, a unit of World Bank, has launched a legal consultancy tender for a transaction advisor in the issuance of t...
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August 08, 2019
Ethiopia receives grant from AfDB for the first 60 km section of Adama-Awash road project
The government of Ethiopia and the African Development Bank Group have signed a US$ 98 million grant agreement from the African Development Fund (ADF) to help finance phase one of the Ethiopia–D...
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