ACWA Power signs PPA with EETC, to build three solar power plants in Benban

The Egyptian Electricity Transmission Company (EETC) signed three solar power purchase agreements with the Riyadh-based ACWA Power on Monday under phase two of the feed-in tariff (FiT) program, according to a statement from the Investment and International Cooperation Ministry. Under the agreements, ACWA Power will finance, develop, build, own, and operate three solar power plants in Benban, Aswan with a combined capacity of 120 MW. 10 solar power companies had signed PPAs with the EETC last month for FiT phase two projects in Aswan that will collectively produce around 500 MW of power. The EETC expects other companies that qualified for phase two to ink their PPAs before the end of October, once they’ve reached financial close.