ACWA Power inks financing deal for 200MW Egyptian solar

Apr 25, 2023 01:12 PM ET
  • $ 123m package includes loans of approximately $36m from the EBRD as well as $14.6 m from the OPEC Fund
ACWA Power inks financing deal for 200MW Egyptian solar
Image: ACWA Power

ACWA Power has actually signed a $123m funding package to create a 200MW utility-scale solar power plant in Egypt.

Financing establishments for the Kom Ombo project consist of European Bank for Reconstruction as well as 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 consists of loans of up to $36m from the EBRD, $14.6 m from the OPEC Fund, $14.4 m from the AfDB, $34.5 m from the GCF, $14.8 m from Arab Bank and $10m from SEFA.

The project currently has equity bridge loans of $14m from the EBRD as well as $45m from APICORP.

ACWA Power's successful procurement of funding support for our renewable project is a substantial milestone.

We're completely committed to fast-tracking the project's development while remaining true to Egypt's renewable resource targets.

Marco Arcelli, Chief Executive Officer of ACWA Power, claimed: "The Kom Ombo solar project better demonstrates the economic sector's energetic involvement in Egypt's energy change.

" This success highlights the common vision and also objective of different global funding institutions in accomplishing the Republic's targets, which would certainly not be possible without the depend on and support of the federal government, the Egyptian people, and also communities."

The Kom Ombo plant will certainly lie less than 20 km from Africa's biggest solar park, the 1465MW Benban complex, another ACWA Power development, and also is anticipated to be commercially functional in January 2024.

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