AfDB greenlights lending for ACWA Power's 200-MW PV project in Egypt
- The African Growth Financial Institution (AfDB) stated that it has accepted a funding to sustain ACWA Power's 200-MW Kom Ombo solar photovoltaic (PV) project in Egypt.
The bank will certainly supply USD 27.2 million (EUR 22.6 m) in the form of an elderly funding, with the European Financial Institution for Restoration and also Growth, the Environment-friendly Climate Fund (GCF), Arab Financial Institution and the OPEC Fund for International Advancement likewise readied to contribute.
The overall cost of Kom Ombo is estimated at USD 156.4 million, the AfDB included.
The project is sited in Aswan Governorate, Upper Egypt, some 800 kilometres (497.1 miles) southern of Cairo. Its Saudi developer safeguarded a 25-year power acquisition arrangement (PPA) with the federal government of Egypt for the Kom Ombo outcome.
ACWA Power has actually devoted to develop, money, construct and also operate the plant. According to the company's most current upgrade, the Kom Ombo project is expected to be finished in the 3rd quarter of 2021.