ACWA reach financial close for Kom Ombo PV plant project in Egypt

ACWA Power has announced it has successfully reached a financial close for the 200MW Kom Ombo utility-scale solar power plant in Egypt.

The financing for this project involves several institutions, including the European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and Arab Bank.

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Kom Ombo solar plant

The financial package for the project was previously announced in April 2023, amounting to US $123M. This package included loans from various institutions, such as EBRD, OPEC Fund, AfDB, GCF, Arab Bank, and SEFA under the COVID-19 IPP relief programme. The project has also secured equity bridge loans of US$14 million from EBRD and US$45 million from APICORP.

The overall investment of the project cost US $182M and is expected to become commercially operational in January 2024. The successful completion of this project aligns with ACWA Power’s commitment to renewable energy solutions and contributes to Egypt’s energy independence goals.

Once operational, the Kom Ombo solar plant is expected to serve around 130,000 households and make a significant contribution towards Egypt’s target of generating 42% of its electricity from renewable sources by 2035. Additionally, the project aims to provide one of the lowest generation tariffs in Africa.

“Our commitment to renewable energy solutions has brought us to this momentous juncture. We are poised to turn our vision into reality. I am thankful for the great support from all the financing institutions involved,” said Marco Arcelli, chief executive of ACWA Power.