The Saudi ACWA Power has signed a financing agreement worth $123 million to develop the Kom Ombo solar power plant in Egypt, the firm said in a statement on April 25th.
ACWA Power secured the loan from several regional and international financial institutions including up to $36 million from the European Bank for Reconstruction and Development (EBRD), $14.6 million from OPEC Fund for International Development and $14.4 million from the African Development Bank (AfDB).
The project had previously obtained equity bridge loans of $14 million from the EBRD and $45 million from the Arab Petroleum Investments Corporation (APICORP).
"The Kom Ombo solar project further demonstrates the private sector's active involvement in Egypt's energy transition. This accomplishment highlights the shared vision and purpose of various global financing institutions in achieving the Republic’s targets, which would not be possible without the trust and support of the government, the Egyptian people, and communities," Marco Arcelli, CEO of ACWA Power, stated.
ACWA Power indicated that the full commercial operation for the project will kick off in January 2024.
The firm indicated that that the Kom Ombo solar power plant will help Egypt achieve its target of generating 42% of the country's electricity from renewables by 2035.
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