ArabFinance: 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 signed a financing package with ACWA Power, according to a recent statement by the EBRD.

The funding valued at $114 million will be allocated for the construction of the largest private solar plant in Egypt.

The development of the Kom Ombo solar plant will add 200 megawatts (MW) of energy capacity, increasing the share of renewable energy in Egypts energy mix.

It will further promote private-sector participation in the Egyptian power sector.

The new utility-scale plant will be located less than 20 km from Africas biggest solar park, and it will serve 130,000 households.

The fund comprises loans of up to $ 36 million from the EBRD, $ 18 million from the OPEC Fund, $ 17.8 million from the AfDB, $ 23.8 million from the GCF, and $ 18 million from Arab Bank.

This is in addition to equity bridge loans of up to $ 14 million from EBRD and $ 33.5 million from Arab Petroleum Investments Corporation (APICORP).

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