ACWA Power has secured a $123 million financing deal to develop a 200MW utility-scale solar power plant in Egypt.
The company signed the package for the Kom Ombo project with different financing institutions.
It includes 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.
According to the company, the deal consists 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.”
Marco Arcelli, CEO of ACWA Power, was quoted in a statement, "The Kom Ombo solar project further demonstrates the private sector's active involvement in Egypt's energy transition.
The project is expected to contribute to Egypt's renewable energy targets. The plant will be located near Africa’s biggest solar park.
The plant is expected to enter commercial operation by next year
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