ACWA Power Secures Funding for 200 MW Solar Facility in Egypt

Saudi Arabia’s ACWA Power has secured $123 million in funding from a group of international institutions to develop the 200-megawatt Kom Ombo project, a utility-scale solar power plant in Egypt. The utility-scale plant is expected to service 130,000 households once it becomes operational in January 2024.

The funding, in the form of a loan, was obtained from several regional and international financial institutions, including $36 million from the European Bank for Reconstruction and Development (EBRD), $14.6 million from the Organization of the Petroleum Exporting Countries’ Fund for International Development (the OPEC Fund), $14.4 million from the African Development Bank (AFDB), $34.5 million from the Green Climate Fund (GCF), $4.8 million from the Arab Bank, and $10 million from the Sustainable Energy Fund for Africa (SEFA) as part of the COVID-19 innovation public procurement aid program.

The new funding will be in addition to the earlier funding provided by the EBRD and the Arab Petroleum Investments Corp. (APICORP), which had previously provided $14 million and $45 million, respectively, in equity bridge financing for the project.

Kom Ombo will contribute towards Egypt’s target of generating 42% of total electricity from renewables by 2035 while ensuring affordable energy for consumers through low tariffs.