Financing institutions for the project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), and African Development Bank (AfDB)
Saudi developer and operator of power generation projects ACWA Power signed a $123 million financing package to develop the 200MW Kom Ombo project, a utility-scale solar power plant in Egypt.
Financing institutions for the project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and Arab Bank.
The package comprises loans of up to $36 million from the EBRD, $14.6 million from the OPEC Fund, $14.4 million from the AfDB, $34.5 million from the GCF, $14.8 million from Arab Bank and $10 million from the SEFA. The project already has equity bridge loans of $14 million from the EBRD and $45 million from the Arab Petroleum Investments Corporation (APICORP).
"The Kom Ombo solar project further demonstrates the private sector's active involvement in Egypt's energy transition. This accomplishment highlights the shared vision and purpose of various global financing institutions in achieving the Republic’s targets, which would not be possible without the trust and support of the government, the Egyptian people, and communities," Marco Arcelli, CEO of ACWA Power, said.
The Kom Ombo plant will be located less than 20 kilometers from the 1,465 MW Benban complex and is expected to be commercially operational in January 2024. Once fully functional, the new utility-scale plant will serve around 130,000 households.
