CAIRO – 1 June 2024: ACWA Power, a Saudi company, has announced the commencement of operations for the Kom Ombo solar power station project in Egypt. This project has a production capacity of up to 200 megawatts and is owned entirely by ACWA Power, according to a disclosure on the Saudi Stock Market Tadawul.
The project agreement with the Egyptian Electricity Transmission Company spans 25 years and involves a total investment cost of SR 611 million.
The financial impact of operating the station is expected to be evident from the third quarter of 2024 onwards.
In April 2023, ACWA Power secured a financing agreement worth $123 million for the development of the Kom Ombo solar power station project.
This initiative, located in the Aswan Governorate of southern Egypt, aims to contribute to the country’s renewable energy sector.
Furthermore, in July 2023, Egypt’s Ministry of Electricity, represented by the New and Renewable Energy Authority, partnered with ACWA Power for a 10-gigawatt wind energy project in the West Sohag region.
Upon completion, this project is anticipated to generate approximately 50,000 gigawatt-hours of renewable energy, resulting in a reduction of 2.4 million tons of annual carbon dioxide emissions.
Moreover, it will provide electricity to around 11 million residential units.
The comprehensive implementation of all project phases is estimated to save Egypt approximately $6.5 billion in annual natural gas expenses and create approximately 120,000 job opportunities.
This includes 45,000 direct employment opportunities during the construction phase and indirect employment for approximately 75,000 individuals.
Additionally, the operation and maintenance of the entire plant is expected to create 2,500 jobs.
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