ACWA closes on 200-megawatt solar project in southern Egypt
Saudi Arabian power company ACWA Power has reached financial close for its 200MW Kom Omba solar project in southern Egypt.
ACWA Power aims to begin commercial operations of the project in January 2024, and the news is a positive development for the company, which has spent years trying to finalise funding for the project.
The Egyptian government first green-lit the project in October 2018, signing a power purchase agreement with ACWA Power for electricity generated by the project, and the company has since worked to raise US$182 million in funding to finance the project’s construction.
The company first raised US$123 million in funding in April this year from a number of institutions, including the European Bank for Reconstruction and Development, the OPEC Fund for International Development and the African Development Bank, making the facility an international project. The project will also be funded by a series of loans, including US$45 million provided by the Arab Petroleum Investments Corporation.
