Acwa Power secures $123mln financial package for Egypt’s Kom Ombo solar plant

2023-09-01 01:13:57

Acwa Power announced a financial close for its 200-megawaat (MW) Kom Ombo solar power plant in Aswan, with a funding of $123 million and total investments of $182 million, the company stated on August 30th.

The financing was secured from the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (OPEC Fund), the African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), the Green Climate Fund (GCF), the Arab Petroleum Investments Corporation (APICORP), and the Arab Bank.

The plant is expected to be commercially operated by January 2024.

It is also projected to meet the energy needs of around 130,000 households, which will contribute to generating 42% of the country’s renewable energy sources by 2035.