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

SourceAsharq AL-awsat
SectorEconomy
CountryEgypt

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...read more...