ET Energy Starts Construction of a 60.9MW Solar Power Project in Jordan

MUNICH, Germany, March 15, 2017 /PRNewswire/ -- ET Solutions AG, a subsidiary of ET Energy, a global leading energy solutions provider, announced that it has started the construction of a 60.9 MW solar power project in Jordan for ACWA Power, a Saudi-based independent power producer. The project will become one of the largest 1500VDC PV plants in Europe, the Middle East and Africa after completion.

The project is situated in Mafraq, Jordan, 50 km north-east of Amman. ACWA Power is the developer and the owner of this project. After the project is completed, it will deliver power to National Electric Power Company (NEPCO) at a tariff of 0.043 JD per kWh (equal to 6.13 $c/kWh). This project was awarded in the Round II of the Photovoltaic Procurement program of the Ministry of Energy and Mineral Resources of Jordan.

Acting as the full turn-key EPC provider, ET Solutions, along with its consortium partner, Northwest Power Design Institute (NWPDI) of China Power Engineering Consulting Group, started construction at the beginning of this month. The construction is expected to be completed within 10 months.

"As an industry trailblazer, we innovatively introduce into 1500VDC technique on utility-scale solar plants." Dennis She, President and CEO of ET Energy said, "Commencement of this project marks a key milestone of our expansion into the Middle East regions, a strategic market for our system solutions business. Moreover, we are proud to partner with the regional market leader, ACWA Power. This collaboration expands our track record of working with global leading independent power producers and utility companies around the world."

Paddy Padmanathan, President & CEO of ACWA Power said: "Working together with ET Solutions, our EPC Contractor, ACWA Power is proud and privileged to be able to invest in Jordan to shift the countries dependence on foreign currency consuming imported fossil fuels for power generation to utilize its own renewable energy resource and to do so at what is the lowest tariff of all offers submitted at Round two of renewable energy procurement by the Government, reinforcing our commitment to reliably deliver electricity at the lowest possible cost."

About ACWA Power

ACWA Power is a developer, investor and operator of a portfolio of power generation and desalinated water production plants currently with presence in 11 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power's portfolio, with an investment value in excess of USD 30 billion, can generate 22+ GW of power and produce 2.5 million m³/day of desalinated water to be mostly delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.

ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).

ACWA Power pursues a mission to reliably deliver electricity and desalinated water at the lowest possible cost, thereby contributing to the social and economic development of the communities and countries it invests in and serves.

ACWA Power strives to achieve success by adhering to the values of Safety, People and Performance in operating its business.

For more information, visit www.acwapower.com

About ET Energy

ET Energy is a global leading energy solutions provider, with presence in Europe, the Middle East, Africa, North America, South America, and Asia. With innovative solar technologies, the industry's most cost-effective solutions, and tailored financing solutions, ET Energy provides one-stop solutions throughout the entire solar power plant cycle, including development, financing, engineering, procurement, construction, and operations & maintenance. To learn more about ET Energy, please visit http://www.etsolar.com, and about ET Solutions AG: http://www.etsolutions.de/.

For more details, please contact:
Eric Zhang
Tel: +86 25 8689 8098ext.9011/+86 136 4518 8386
Fax: +86 25 8689 8097
E-mail: eric.zhang@etsolar.com / pr@etsolar.com