Egyptian Solar Project Secures $123 Million

• ACWA Power says it has raised $123 million financing package for its 200 MW Egypt project
• The Kom Ombo Solar Plant is backed by the EBRD, OPEC Fund, AfDB, GCFm APICORP and Arab Bank
• EPC contractor Sterling and Wilson expects to bring it online in January 2024

Saudi Arabian energy company ACWA Power has raised $123 million financing package from a host of international lenders to develop its 200 MW utility scale Kom Ombo Solar Project to begin commercial operations in January 2024.

Financing of up to $36 million has been secured from the European Bank for Reconstruction and Development (EBRD), $14.6 million from OPEC Fund for International Development, $14.4 million from African Development Bank (AfDB), $10 million from AfDB's Sustainable Energy Fund for Africa (SEFA), $34.5 million from Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP) and $14.8 million from Arab Bank.

The project is coming up in the proximity of 1.465 GW Benban Solar Complex. Once online in January 2024, it will suffice the electricity needs of 130,000 households, said ACWA Power.

Back in April 2021, EBRD, OPEC Fund, AfDB and GCF agreed to lend it $114 million for the 200 MW facility (see 200 MW Egypt PV Plant Receives $114 Mn Financing).

"ACWA Power's successful acquisition of financing support for our renewable project is a significant milestone. We're fully committed to fast-tracking the project's development while staying true to Egypt's renewable energy targets," said ACWA Power's CEO Marco Arcelli.

The Kom Ombo project is to be built by Indian EPC Sterling and Wilson Solar Limited and use Chinese inverters from Sungrow (see China PV News Snippets: Sungrow, Tongwei, Jolywood).

The Saudi company won this project after winning a competitive solicitation process by the Egyptian Electricity Transmission Company (EETC) to supply electricity for $0.0275/kWh (see ACWA Power Secures PPA For 200 MW Egypt PV Plant).

Project construction was expected to be completed in Q1/2021, but it received an extension after factoring in global supply chain dynamics due to COVID-19 impacting its execution.

Earlier this year in January 2023, AMEA Power started construction of 560 MW Abydos Solar Plant in Kom Ombo region of Aswan governorate using JA Solar modules (see Africa's 'Largest' Solar Plant Enters Construction In Egypt).