EBRD, various other loan providers back 200-MW solar plant in Egypt
- The European Bank for Reconstruction and also Development (EBRD), together with companions, is supplying a USD-114-million (EUR 94.8 m) financing bundle for a 200-MW solar project in Egypt.
EBRD is expanding an up to USD-36-million loan to Saudi renewables programmer ACWA Power, which is the designer of the solar (PV) plant.
The OPEC Fund for International Development (OPEC Fund) is paying out USD 18 million, while the African Development Bank (AfDB) and the Green Climate Fund (GCF) are providing USD 17.8 million and also USD 23.8 million, respectively. The Arab Bank is lending the remaining USD 18 million.
This brand-new financing agreement adds to the up to USD-14-million and USD-35.5-million equity bridge loans from EBRD as well as the Arab Petroleum Investments Corporation (APICORP).
When in operation, the Kom Ombo PV nuclear power plant, as it is called, will certainly have the ability to produce enough power to satisfy the need of 130,000 houses. ACWA Power expects industrial procedures to begin in the third quarter of 2022.
This new PV plant currently has a 25-year power purchase agreement (PPA), a network connection agreement as well as an usufruct agreement in position.