The African Development Bank’s Board of directors have approved $27.2 million in loan financing for the design, construction and operation of a 200MW photovoltaic (PV) solar power plant at Kom Ombo, in Upper Egypt on the river Nile.  The project is expected to lower electricity costs for businesses and residences, as well as reducing greenhouse gas emissions and creating construction and other jobs. 

The project’s total cost is estimated at $156.4 million. In addition to the Bank’s financing, structured as a senior loan, the European Bank for Reconstruction and Development, the Green Climate Fund (GCF), Arab Bank and the OPEC Fund for International Development will contribute funding. The plant, 800km south of Cairo, is owned by ACWA Power, a leading Saudi Arabian developer, investor and operator of power generation and desalinated-water plants worldwide.

“We are delighted to support this project that will deliver one of the lowest generation tariffs on the continent,” said Kevin Kariuki, the Bank’s vice president for power, energy, climate and green growth. He added that the project supports Egypt’s energy transition and contributes towards the country’s achievement of its targeted 20% share of renewables by 2022.

Click on the link below for full report

Source: EsiAfrica