ACWA Power to develop the largest private-sector solar energy project in Egypt

ACWA Power, a Saudi Arabia based company, has signed a financing packagewith international investors including European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (the OPEC Fund), the African Development Bank (AfDB), the Green Climate Fund (GCF) and Arab Bank,to develop the KomOmbo plant, the largest private-sector solar energy project in Egypt.

Under the package, ACWA will receive $114 million from the investors, including $36 million from the EBRD; $18 million from the OPEC; $17.8 million from the AfDB; $23.8 million fromthe GCF; and the $18 million from the Arab Bank. ACWA will also receive equity bridge loans of up to $14 million from EBRD and $33.5 million from Arab Petroleum Investments Corporation. The project will add 200 MW of renewables capacity to the Egyptian grid and is expected to serve around 130,000 households.