ACWA Power has signed a USD123 million financing package to develop the 200 MW Kom Ombo project, a utility-scale solar power plant in Egypt.
The package comprises loans of up to USD36 million from the European Bank for Reconstruction and Development (EBRD), USD14.6 million from the OPEC Fund for International Development, USD14.4 million from the African Development Bank (AfDB), USD34.5 million from the Green Climate Fund, USD14.8 million from Arab Bank and USD10 million from the AfDB’s Sustainable Energy Fund for Africa, under the COVID-19 IPP relief programme. The project already has equity bridge loans of USD14 million from the EBRD and USD45 million from the Arab Petroleum Investments Corporation. The Kom Ombo plant is expected to be commercially operational in January 2024. Once fully functional, the new plant will serve 130,000 households.