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Egypt's Kom Ombo Solar Project Secures Financing Package | |
| Sumita Pawar |
ACWA Power has secured a $123 million financing package to develop the 200 MW Kom Ombo project, a utility-scale solar power plant in Egypt.
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The project has received loans from the European Bank for Reconstruction and Development, the OPEC Fund for International Development, the African Development Bank, the Green Climate Fund, the Arab Petroleum Investments Corporation, and the Arab Bank.
"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 Marco Arcelli, CEO of ACWA Power.
"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," he added.
The plant will be located less than 20 km from Africa’s biggest solar park, the 1,465 MW Benban complex, another ACWA Power development, and is expected to be commercially operational in January 2024.
Once fully functional, the new utility-scale plant will serve 130,000 households.