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FinancialNews
27-04-23
ACWA Power Secures USD123M Financing Package for Kom Ombo Solar Project in Egypt
(MENAFN) Saudi Arabia's ACWA Power has secured a $123 million financing package from a group of international banks to develop the 200MW Kom Ombo solar project in Egypt, according to a statement from the company. The utility-scale solar power plant will be located about 20 km away from Africa's largest solar park, the 1,465MW Benban complex, which is also an ACWA Power development. Once the Kom Ombo project is commercially operational in January 2024, it is expected to serve 130,000 households.
The financing was obtained from several regional and international financial institutions, including USD36 million from the European Bank for Reconstruction and Development (EBRD), USD14.6 million from the Organization of the Petroleum Exporting Countries' Fund for International Development, and USD14.4 million from the African Development Bank. The EBRD had earlier provided USD14 million in equity bridge loans to the project, with another USD45 million coming from the Arab Petroleum Investments Corp.
The financing package also includes USD34.5 million from the Green Climate Fund, USD4.8 million from the Arab Bank, and USD10 million from the Sustainable Energy Fund for Africa as part of the COVID-19 innovation public procurement aid program. ACWA Power CEO Marco Arcelli highlighted the private sector's active involvement in Egypt's energy transition and noted that the project's financing documentation was initially signed in April 2021 with the EBRD, OPEC Fund, GCF, ADB, and Arab Bank.
However, the changes in global supply chains caused by COVID-19 resulted in the project's timeline being extended. The Kom Ombo solar project will support Egypt in reaching its target of producing 42 percent of its electricity from renewable sources by 2035, while also offering one of the lowest generating tariffs in Africa. Arcelli emphasized the shared vision and purpose of various global financing institutions in achieving the country's targets, which would not be possible without the trust and support of the government, the Egyptian people, and communities.
The financing package is a significant step towards the development of the Kom Ombo solar project, which will contribute to Egypt's renewable energy goals and promote sustainable development. With the involvement of several regional and international financial institutions, the project reflects the increasing interest and investment in renewable energy in the region.
MENAFN27042023000045014228ID1106113527
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