ACWA Power secures US$114 million for 200MW Egypt solar plant

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Funders for the project include the EBRD, OPEC Fund, the AfDB, GCF and Arab Bank. Image: ACWA Power

Solar developer ACWA Power has secured a total US$114 million from financial institutions to fund the construction of what it claims will be Egypt’s largest private solar plant.

Global financial institutions the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (the OPEC Fund), the African Development Bank (AfDB), the Green Climate Fund (GCF) and Arab Bank have all put forward loans totalling US$114 million for ACWA’s 200MW Kom Ombo solar PV project.  

It is the fourth Egyptian renewables project in ACWA’s portfolio, president and chief executive Paddy Padmanathan said, adding that the investment “demonstrates the confidence in the Egyptian government’s ambitious renewable energy plans, being implemented through private-sector participation.”

The Saudi Arabian developer had already secured a US$27.2 million loan from AfDB in March, before signing a 25-year power purchase agreement (PPA) and network connection contract for the project with government officials earlier this month. Construction is expected to begin later this year, however, the project’s total development cost was estimated to be around US$156.4 million last month.

Egypt’s government has set a target of generating 42% of the country’s power demand from renewable resources by 2035.

The Kom Ombo plant will be based 800km south of Cairo and less than 20km from ACWA’s existing 1.8GW Benban solar complex. The company is also involved in the development of a 2.3GW natural gas facility set to come online in 2023.

Read Next

May 4, 2021
German developer and EPC contractor juwi has secured a deal to design, supply and build a solar-storage hybrid project at an off-grid gold mine in Egypt.
PV Tech Premium
April 20, 2021
New technologies are increasingly being used to enhance solar project economics and boost gains, however the application and modelling of these technologies remains uncertain. This exclusive recording from Solar Finance & Investment Europe sheds a light on those areas.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 12, 2021
A consortium between Abu Dhabi-based Masdar, EDF Renewables and Nesma Holding Company has broken ground on a 300MW PV project in Saudi Arabia.
April 7, 2021
Saudi Arabian developer ACWA Power has finalised agreements for the 200MW Kom Ombo solar plant in Egypt, with construction work set to begin later this year.
April 6, 2021
A 12.9MW floating PV plant is set to be deployed at a hydropower reservoir in Albania thanks to a loan provided by the European Bank for Reconstruction and Development (EBRD).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021