EBRD may fund ACWA's 200 MW solar plant in Egypt with $54 million car loan

• The $155,4 million project was secured by the Saudi energy giant with a tender held in 2019. The center will sell power at a rate of $0.02752/ kWh.

The European Bank for Reconstruction and Development reports it is considering providing $54 million to Saudi energy giant ACWA for a 200 MW solar energy plant it is constructing in the community Kom Ombo, in the Aswan governorate of southern Egypt.

The global financial institution said the financing may consist of elderly debt financing of as much as $40 million co-financed with other parties and an equity swing loan of as much as $14 million.

The 200 MW plant will certainly be found in a vacant arid land 60 kilometres north of Aswan city, adjacent to a 26 MW PV plant created by the New and Renewable Energy Authority (NREA) as well as also approximately 17 km north of the 1.8 GW Benban solar complex, where ACWA Power has actually currently established 120 MW of solar.

Prior to the Covid-19 situation, ACWA stated it planned to settle building and construction of the project in the very first quarter of 2021, yet it is currently likely that completion would certainly be postponed.

The Saudi energy company secured the project via a tender kept in 2019, in which it used a last cost of $0.02791/ kWh.

The firm has likewise recently announced the signing of a memorandum of understanding (MoU) with two Egyptian government divisions relating to the analysis of a series of renewable energy-powered water desalination projects.

The EBRD has actually financed a number of projects situated at the Benban facility. In addition, the Egyptian Electricity Transmission Carbon monoxide last year safeguarded a EUR183 million finance from the EBRD to assist it incorporate 1.3 GW of brand-new renewable resource generation capability right into its grid as it deals with the difficulty of rising electrical energy demand.