ACWA Power bags $300mn deal for 250MW pv solar plant in Ethiopia
ACWA Power was one of 12 companies that submitted their respective Request for Proposal (RFP) last February.
A Saudi Arabian firm, ACWA Power, has won a USD 300 million worth solar Public Venture (PV) contract, becoming the first private company to win a mega project under the Public Private Partnership (PPP), after the PPP Board of Ethiopia approved the bid summited by the firm.
The board approved the first round of the solar project to ACWA Power for the Gad and Dicheto Solar PV projects, in a meeting held on Wednesday. The company was one of 12 companies that submitted their respective Request for Proposal (RFP) last February.
The site, which is located in Somali and Afar regional states, respectively, will generate a total of 250MW.
Out of the 12 shortlisted companies, seven of them have visited the site and attended a bidder’s conference.
Consequently, five have submitted their proposals and out of the five bidders, the Saudi Arabia-based company has qualified for the technical and financial requirements of the bid.
According to information obtained from Ethiopia’s Minister of Finance (MoF), the Company has offered 2.5260 US cents/kwh for both sites. Currently, this solar power purchase tariff is the lowest in Africa and one of the lowest tariffs globally.