ADDIS ABABA – Ethiopia has approved Saudi Arabian utility developer or ACWA POWER’s bid for renewable energy projects on Wednesday.
The Public Private Partnership Board approved the winner of the $300 million Gad and Dicheto solar PV projects totaling 250 MW. The projects are located at Somali and Afar regional states.
Out of 12 short listed companies, seven of them have visited the site and attended bidder’s conference. Accordingly, five of them have submitted their proposals.
“Out of five bidders, ACWA POWER company has qualified for the technical and financial requirement of the bid,” reported state-affiliated FBC.
The company has offered 2.5260 US cents/kwh for both Gad and Dicheto sites.
Currently these solar power purchase tariffs are the lowest in Africa and one of the lowest globally, according to the Ministry of Finance.
Headquartered in Saudi Arabia, ACWA Power has assets in 12 countries and has bid for renewable energy projects in four other new countries – Tunisia, Cambodia, Azerbaijan and Uzbekistan.
The current value of the Saudi Arabian utility developer’s portfolio is more than $42 billion, with renewable accounting for 23%.