ACWA Power, a utility developer from Saudi Arabia that is partly owned by the Public Investment Fund (PIF), announced on Tuesday that it has secured $123M in financing to build the 200MW Kom Ombo solar project in Egypt.
The project’s funding will come from various institutions, including the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), the Green Climate Fund (GCF), the Arab Petroleum Investments Corporation (APICORP), and Arab Bank.
As part of the financing package for the Kom Ombo solar project in Egypt, the project has received loans totaling $36M from the EBRD, $14.6M from the OPEC Fund, $14.4M from the AfDB, $34.5M from the GCF, $14.8M from Arab Bank, and $10M from SEFA under the COVID-19 IPP relief program. In addition, the project has already secured equity bridge loans of $14M from the EBRD and $45M from the Arab Petroleum Investments Corporation (APICORP).
The Kom Ombo solar plant will be situated close to the 1,465 MW Benban complex, the largest solar park in Africa, which is also an ACWA Power development. The plant is expected to commence commercial operations in January 2024 and will provide electricity to approximately 130,000 households once it is fully operational.
