EBRD And Partners To Fund 200-MW Solar Plant In Egypt

The European Bank for Reconstruction and Development (EBRD), the Opec Fund for International Development, the African Development Bank, the Green Climate Fund, and Arab Bank signed a financing deal with ACWA Power worth USD 114 million for the 200 MW Kom Ombo solar project in Egypt.

In November 2019, AWCA Power signed a power purchase agreement (PPA) with the government of Egypt to finance, develop, construct, and operate the 200 MW Kom Ombo solar project. This project has been secured by ACWA Power through a tender issued in August 2018.

The European Bank for Reconstruction and Development (EBRD) has allotted a loan of USD 36 million, the Opec Fund for International Development is providing USD 18 million, whereas the African Development Bank and the Green Climate Fund are lending USD 17.8 million and USD 23.8 million respectively and the Arab Bank is granting USD 18 million to AWCA Power.

The Kom Ombo plant will be located less than 1.8 km’s away from Africa’s biggest solar park, the 1.8 GW Benban complex. Once in operation, the PV power plant will be able to generate enough power to meet the demand of 130,000 homes. Commercial operation of the plant is expected to commence in the third quarter of 2022.

The development of the Kom Ombo solar plant will increase the share of renewable energy in Egypt’s energy mix and promote private-sector participation in the Egyptian power sector.

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