ACWA Power will develop, finance, build, own and operate three solar projects with an aggregate capacity of 165.5 megawatts (MW), with a total investment of $190 million, according to the company's statement on Tuesday.
The projects, which are located in the Aswan Province in Benban in Egypt, will have enough capacity to generate 67.5 MW, 70 MW at peak (MWp) and 28 MW individually.
The projects are expected to achieve financial closure and commence construction by the fourth quarter of 2017.
Once the projects start operations, planned for 2018, they will power 80,000 houses in the country while saving around 156,000 tons of CO2 annually.
According to the announcement, the Government of Egypt and the Ministry of Electricity and Renewable Energy have set a target to have 20 percent of energy generation from renewable sources by 2022.
The government's feed-in tariff program aims to secure an initial generation of 2,000 MW of solar capacity and 2,000 MW of wind capacity.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr