ACWA Power Signs Final Deals for 200MW Solar Project In Egypt

ACWA Power Signs Final Deals for 200MW Solar Project In Egypt

A virtual ceremony by senior ACWA representatives and Egyptian government officials while finalizing deals for a 200MW solar plant in Egypt.

Saudi developer ACWA Power has finalized agreements for the 200MW Kom Ombo solar plant in Egypt, with construction work set to begin later this year.

A 25-year power purchase agreement and network connection contract were signed at a virtual ceremony by senior ACWA representatives and Egyptian government officials.

The Saudi company is due to obtain $40-million senior debt financing and a $14 million equity bridge loan from the European Bank for Reconstruction and Development (EBRD), and a $27.2-million loan from the African Development Bank (AfDB) to finance the project.

Finalizing the project agreements for Kom Ombo marks a "significant milestone“ towards fulfilment of the plant, said Rajit Nanda, acting chief investment officer of ACWA Power.

"The tariff is the lowest in the African continent for a project that is soon to achieve financial close and commence construction, which demonstrates that globally-competitive tariffs are possible in North Africa and the wider African region, we remain on track to achieve commercial operation in Q3 2022, utilizing ACWA Power's operational excellence and technological know-how in delivering electricity and desalinated water across the markets we serve."

For his part,