‎ACWA Power achieves financial close for Kom Ombo Solar plant project

‎ACWA Power achieves financial close for Kom Ombo Solar plant project

ACWA Power Co. achieved the financial close for Kom Ombo Solar (PV) plant in Egypt, as the project’s investment cost stood at nearly $182 million, of which approximately 68% is a non-recourse debt, according to a statement to Tadawul.

The project’s financing institutions are European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, African Development Bank (ADB), Green Climate Fund, Sustainable Energy Fund for Africa and the Arab Bank.

The 20-year financing facility will amount to $123 million, with a limited guarantee to the bridge loan, and aligning with ACWA Power’s share in the debt coverage. It will be directed to fund building a 200 MW solar PV plant.

The new plant will increase Egypt’s share of renewable energy in the energy mix and further promote the private sector contribution in the field.