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

  • Date: 07-Apr-2021
  • Source: MEP Middle East
  • Sector:Real Estate
  • Country:Egypt
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ACWA Power inks final project agreements on 200MW Kom Ombo PV plant in Egypt – MEP MiddleEast

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 130,000 households and offset 336,000 tonnes of carbon dioxide per year.

Kom Ombo PV will be one of the largest privately developed utility scale solar plants in Egypt and will support the country in increasing its renewable energy capacity in line with the