ACWA Power’s Egypt solar project secures $123m financing

ACWA Power’s Egypt solar project secures $123m financing

Saudi Arabia’s ACWA Power, partly owned by the Public Investment Fund, has signed a $123m financing package to develop the 200 megawatts (MW) Kom Ombo solar project in Egypt. Financing institutions for this project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP) and Arab Bank. The utility firm said the financing package comprises loans of up to $36m from the EBRD, $14.6m from the OPEC Fund, $14.4m from the AfDB, $34.5m from the GCF, $14.8m from Arab Bank and $10m from the SEFA under the COVID-19 IPP relief programme. The project already has equity bridge loans of $14m from the EBRD and $45m from the APICORP. “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. Though financing documentation was originally signed in April 2021 with the EBRD, the OPEC Fund, the GCF, AfDB and Arab Bank, ACWA said the dynamics in global supply