ACWA Energy reaches financial shut for 200 MW solar mission in Egypt

With an total funding sign of US$182 million, the Kom Ombo plant is anticipated to be commercially operational in January 2024.

August 31, 2023 Pilar Sánchez Molina

Marco Arcelli, CEO of ACWA Energy.

Image: ACWA Energy

Saudi Arabian energy massive ACWA Energy supplied the financial shut for the 200 MW Kom Ombo mission, a utility-scale solar vitality plant in Egypt. With an total funding sign of US$182 million, the Kom Ombo plant is anticipated to be commercially operational in January 2024.

ACWA Energy supplied a Energy Contain Agreement (PPA) with the Government of Egypt in October 2018 to fabricate, finance, gather and characteristic the Kom Ombo mission. The plant will seemingly be located lower than 20 kilometres from Africa’s biggest solar park, the 1,465 MW Benban advanced, moreover developed by ACWA Energy.

A financial equipment of US$ 123 million for the mission changed into beforehand supplied in April 2023. The equipment created from loans of as a lot as US$ 35.6 million from the EBRD, US$ 14.4 million from the OPEC Fund, US$ 14.4 million from the AfDB, US$ 34.1 million from the GCF, US$ 14.4 million from Arab Monetary institution and US$ 10 million from the SEFA under the COVID-19 IPP reduction programme. The mission already has equity bridge loans of US$ 14 million from the EBRD and US$ Forty five million from APICORP.

The International Renewable Energy Company’s (IRENA) latest statistics display that Egypt hit 1,724 MW of cumulative installed PV capacity on the tip of 2022.

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