ACWA Power achieves financial close for PV project in Egypt

Logo of ACWA Power Co.

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

The project’s financing institutions are the 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 the share of renewable energy in Egypt’s energy mix and further promote the private-sector participation in the country’s power sector.