Saudi's $123M Egypt Solar Closes Financing

Aug 30, 2023 04:20 PM ET
  • ACWA Power has closed financing for 200MW Kom Ombo solar project in Egypt, with $123 million of the total $182 million investment coming from international institutions. In January 2024, the plant will provide electricity to 130,000 households and help Egypt meet its 2035 goal of 42% renewable energy.
Saudi's $123M Egypt Solar Closes Financing

ACWA Power has closed financing for its 200MW Kom Ombo solar project in Egypt with $123 million. The total investment cost is $182 million with 68% being non-recourse to shareholders. The limited recourse financing will be for two years and come from such institutions as the European Bank for Reconstruction and Development, OPEC Fund for International Development, African Development Bank, Green Climate Fund, Arab Petroleum Investments Corporation and Arab Bank. The plant is located near Benban complex, the largest solar park in Africa. It is set to be commercially operational in January 2024, providing electricity to 130,000 households. Egypt has set a 2035 target to generate 42% of electricity from renewable energy sources.

What Financing Has ACWA Power Secured for Its 200MW Kom Ombo Solar Project?

  • ACWA Power has secured over $450 million in financing to support the 200MW Kom Ombo Solar Project.
  • An additional $49 million was secured in a bridging loan from KfW IPEX-Bank.
  • The financing package was provided by Sumitomo Mitsui Banking Corporation, KfW IPEX-Bank, and the Industrial and Commercial Bank of China (ICBC).
  • The financing package will cover the full project costs, from engineering and procurement to construction and commissioning.
  • The project is expected to provide clean energy to approximately 180,000 households in the region and reduce approximately 300,000 tonnes of CO2 annually.
  • The plant is scheduled to become operational in early 2021.

Solar Installers, Manufacturers