ACWA Power reaches financial close for 200 MW Egyptian solar plant

The project is expected to start operations by January 2024.

Saudi Arabia-based ACWA Power has achieved a financial close for the 200-megawatt (MW) utility-scale solar power plant in Egypt with an overall investment cost of $182m.

In a statement, ACWA Power said the financing institutions for the Kom Ombo project include the European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP) and Arab Bank.

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Of the $123m financial package announced for the project in April, $35.6m was from EBRD, $14.4m from the OPEC Fund, $14.1m from the AfDB, $34.1m from GCF, $14.4m from the Arab Bank and $10m from SEFA under the COVID-19 IPP relief programme.

The project has also already secured equity bridge loans of $14m from EBRD and $45m from APICORP.

The Kom Ombo project is expected to commence operations in January 2024. It can supply electricity to 130,000 households once fully operational.

It will also contribute to the government’s goal of generating 42% of its electricity from renewable energy sources by 2035.