ACWA Power Closes On 200MW Egyptian PV Plant


               ACWA Power has announced the financial close for the 200MW Kom Ombo a utility-scale solar power plant in Egypt. With an overall investment cost of US$182m, the Kom Ombo plant is expected to be commercially operational in January 2024. Financing institutions for this 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. A financial package of US$123m for the project was previously announced in April 2023.

               The package comprised of loans of up to US$35.6m from the EBRD, US$14.4m from the OPEC Fund, US$14.4m from the AfDB, US$34.1m from the GCF, US$14.4m from Arab Bank and US$10m from the SEFA under the COVID-19 IPP relief programme. The project already has equity bridge loans of US$14m from the EBRD and US$45m from APICORP. Marco Arcelli, chief executive of ACWA Power, said: “We are thrilled to announce the successful financial close of the monumental Kom Ombo solar project in Egypt. “Our commitment to renewable energy solutions has brought us to this momentous juncture. “We are poised to turn our vision into reality. I am thankful for the great support from all the financing institutions involved. “Together, we demonstrate our dedication to driving positive environmental impact and reinforce our joint contribution to Egypt’s energy independence goals.” Once fully functional, the new utility-scale plant will serve 130,000 households, contributing to the Egyptian government’s target to generate 42% of the country’s electricity from renewable energy sources by 2035 while delivering one of the lowest generation tariffs in Africa.







Credits: [Image: ACWA Power]

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