Access Building Energy Solar One (ABESO) is an SPV sponsored by the groups Access Power (Dubai) and Eren Renewable Energy (France).
AESO is a project to build and operate a 50 MW solar power plant under the XXL program in Benban (total maximum capacity of 1.8 GW), in southern Egypt. The project will benefit from a 25-year power purchase agreement (PPA) and a feed-in tariff of US$c 7.12/kWh by the distribution company EETC (Egyptian Electricity Transmission Company). The project is being financed 75/25 in debt and equity, with the debt covered 50/50 between PROPARCO and EBRD. PROPARCO’s contribution benefits from a 50% AFD subparticipation.
The power plant will produce 138 GWh of low-carbon electricity a year. It will reduce CO2 emissions by 58,800 tons every year. The project will improve the quality and security of electricity supply in the country. Finally, the project will help create or maintain over 4,000 jobs across Egypt's economy as a whole and should contribute EUR 28m to national GDP during the project life cycle.
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