ACWA Power inks final project agreements on 200MW Kom Ombo PV plant in Egypt – MEP MiddleEast

SourceMEP Middle East
SectorReal Estate

Saudi-based developer, investor, and operator of power generation and desalinated water plants, ACWA Power, has finalised the project agreements for the 200MW Kom Ombo PV plant in Egypt. The signing of the 25-year Power Purchase Agreement (PPA), Network Connection Contract, and Usufruct Agreement was conducted via a virtual ceremony held with senior government officials and representatives from the Egyptian Electricity Transmission Company (EETC), The New and Renewable Energy Authority (NREA), and ACWA Power. Financial closure of Kom Ombo PV is scheduled for Q3 2021, following the obtainment of a $40mn senior debt financing and a $14mn equity bridge loan from the European Bank of Reconstruction and Development (EBRD), in addition to a $27.2mn loan from the African Development Bank (AfDB) to finance the construction, development, and design of the 200 MW solar PV project. Construction of the plant is expected to begin in Q3 2021 and upon completion, the Kom Ombo PV plant will cater to the power needs of 130, more...