ACWA Power has signed a $123m financing package to develop a 200MW utility-scale solar power plant in Egypt.
Financing institutions for the Kom Ombo project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP) and Arab Bank.
The package comprises loans of up to $36m from the EBRD, $14.6m from the OPEC Fund, $14.4m from the AfDB, $34.5m from the GCF, $14.8m from Arab Bank and $10m from SEFA.
The project already has equity bridge loans of $14m from the EBRD and $45m from APICORP.
ACWA Power’s successful acquisition of financing support for our renewable project is a significant milestone.
We’re fully committed to fast-tracking the project’s development while staying true to Egypt’s renewable energy targets.
Marco Arcelli, CEO of ACWA Power, said: “The Kom Ombo solar project further demonstrates the private sector’s active involvement in Egypt’s energy transition.
“This accomplishment highlights the shared vision and purpose of various global financing institutions in achieving the Republic’s targets, which would not be possible without the trust and support of the government, the Egyptian people, and communities.”
The Kom Ombo plant will be located less than 20 km from Africa’s biggest solar park, the 1465MW Benban complex, another ACWA Power development, and is expected to be commercially operational in January 2024.