ACWA Power raises $114 million in financing from several institutions for the Kom Ombo solar project in Egypt.
The plant will have a capacity of 200 MW and is scheduled for commissioning in 2022.
ACWA Power obtains $114 million
ACWA Power, the Saudi energy producer, has just signed a $114 million financing package.
This will enable the construction of the largest privately-owned solar power plant in Egypt.
Numerous financial partners are involved in the project: the
European Bank for Reconstruction and Development (EBRD), theOPEC Fund for International Development, the African Development Bank (AfBD), the Green Climate Fund (GCF) and the Arab Bank.
Kom Ombo: 200 MW of solar power
ACWA Power has therefore reached agreement with various financial institutions to release $114 million in funds.
The funds are to be used for the construction and development of its solar power plant in Kom Ombo, Egypt.
The plant will have a total capacity of 200 MW, supplying around 130,000 homes.
Final commissioning is scheduled for 2022.
Paddy Padmanathan, President & CEO of ACWA Power, said:
“ACWA Power is privileged and proud to be bringing the Kom Ombo photovoltaic project to fruition. The financing signed today brings us closer not only to the people and government of Egypt, but also to our financial partners: the EBRD, AfDB, OPEC Fund, GCF, Arab Bank and APICORP, reflecting our shared goal of supporting the energy transition to address the threat of climate change.”
The new plant will be located less than 20 km from the Benban complex, Africa’s largest solar park.
Avoid 336,000 tonnes of CO2/year in Egypt
With this project, ACWA Power aims to establish a long-term presence in Egypt.
The company is counting on the development of renewable energies and the increase of its production capacity.
The Kom Ombo solar power plant will also avoid releasing 336,000 tonnes ofCO2 into the atmosphere.
The Saudi company intends to become a major player in Egypt’s energy transition.
A greener, more sustainable future is now underway in the country.
