PROJECT ROUND-UP: Funding for 200MW plant in Egypt; Q CELLS sells Texan solar park

Funding secured for 200MW park in Egypt

3 March 2021: The African Development Bank (ADB) has approved US$27.2 million in loan financing for the construction and operation of the 200MW Kom Ombo solar project in Egypt.

With the project’s total cost estimated to be US$156.4 million, ADB said the European Bank for Reconstruction and Development, the Green Climate Fund, Arab Bank and the OPEC Fund for International Development will also contribute funding.

The plant, located 800km south of Cairo, is owned by Saudi Arabia’s ACWA Power, which signed a power purchase agreement with Egypt’s government in 2019 for the project’s development.

As well as touting the park’s potential in helping Egypt reach its 2022 target of 20% of power generation from renewables, ADB said the plant could “greatly contribute to energy trading”, given that Egypt’s grid is linked to those of its neighbours Libya and Sudan.

“We are delighted to support this project that will deliver one of the lowest generation tariffs on the continent,” said Kevin Kariuki, ADB vice president for power, energy, climate and green growth.

Q CELLS sells 81MW Texan project

2 March 2021: Hanwha Q CELLS USA has sold an 81MW PV park in Texas to US solar developer and operator Adapture Renewables.

Q CELLS was both the developer and engineering, procurement, and construction (EPC) manager of Rippey Solar, which features the firm’s Q.PEAK DUO L-G8.3 and L-G8.2 modules. Construction of the plant, located 90 miles north of Dallas, began last April, with commercial operation achieved in December.

Having financed the installation with in-house capital, Adapture Renewables will own and operate the project for the long-term. The acquisition takes the California-based company’s solar capacity up to 239MW.

Capital Dynamics buys Spanish solar plant

3 March 2021: The Clean Energy Infrastructure unit of asset management firm Capital Dynamics has acquired a 50MW solar project in Spain from renewables developer WElink Group.

Construction of the subsidy-free Puerto Real 2 plant is slated to begin this month, with commercial operations expected to be reached in the first quarter of 2022.

Located in the Andalucía region, the plant will benefit from the existing infrastructure in place from the 133MW Puerto Real 1 project, which Capital Dynamics acquired from WElink in March 2020.

Once the newly acquired park is operational, Capital Dynamics will have invested in more than 480MW of subsidy-free PV projects in Spain.