ACWA Power secures finance for 200MW solar plant in Egypt

The project is targeted to commence commercial operations in January 2024.

Saudi Arabia-based developer ACWA Power has signed a $123m financing package for the development of the Kom Ombo utility-scale solar power plant in Egypt with a total capacity of 200MW.

In a statement, ACWA Power said that of the amount, $36m loan came from the European Bank for Reconstruction and Development (EBRD), $14.6m from the OPEC Fund for International Development, $14.4m from the African Development Bank (AfDB), and $34.5m from Green Climate Fund.

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It added that a $14.8m loan was from Arab Bank and $10m was from the AfDB’s Sustainable Energy Fund for Africa under the COVID-19 IPP relief programme.

ACWA said the project already has equity bridge loans of $14m from EBRD and $45m from the Arab Petroleum Investments Corporation.

The project is expected to start commercial operations in January 2024 and could meet the demands of 130,000 households.