Deal #10759

Egypt, Arab Rep.
Created at
2024-10-08
Last update
2024-10-21

Land area

Size under contract (leased or purchased area)
  • [2020, current] 500 ha
Comment on land area
The total area of the project site is approximately 500 hectares. ​

Intention of investment

Intention of investment
  • [2020, current] For carbon sequestration/REDD, Solar park (500 ha)

Carbon offset project

Carbon offset project
Yes

Nature of the deal

Nature of the deal
Concession
Comment on nature of the deal
The land has been assigned to NREA by Presidential Decree No. 116 of 2016.The land for the Kom Ombo Solar PV Plant was assigned to the NREA by a 2016 Presidential Decree for renewable energy projects. Consultations revealed the land is not owned or used by locals. NREA will grant ACWA Power a 25-year Usufruct Agreement to build and operate the project. An authorization letter allows ACWA Power to access the site until the Usufruct Agreement is finalized.The Usufruct Agreement is expected to be finalised and signed in the first quarter of 2020.

Negotiation status

Negotiation status
  • [2016] Intended (Memorandum of understanding)
  • [2020, current] Concluded (Contract signed)
Comment on negotiation status
ACWA Power uses the land through a Usufruct Agreement granted by NREA, allowing them to build, own, operate, and maintain the project for a period of 25 years. This agreement was scheduled to be finalized in early 2020; meanwhile, NREA issued an authorization letter in 2016, granting ACWA Power access to the site.

Implementation status

Implementation status
  • [2024-01, current] In operation (production)