Egypt: Acwa Power Secures $114 million in Project Funding
Saudi Arabian Independent Power Producer, Acwa Power, has secured $114 million from multiple financing institutions for the development of its Kom Ombo solar power plant in Egypt.
In addition to the $14 million bridge loan from the European Bank for Reconstruction and Development (EBRD) and $33.5 million from the Arab Petroleum Investments Corporation (APICORP), Acwa Power announced that the $114 financing will comprise $36 million from EBRD; $18 million from the OPEC Fund for International Development; $17.8 million from the African Development Bank (AfDB); $23.8 million from the Green Climate Fund (GCF); and $18 million from the Arab International investment Bank.
Development of the 200MW solar photovoltaic (PV) project, located in southern Egypt, was finalised by Egyptian authorities through a 25 year power purchase agreement with the Egyptian Electricity Transmission Company. According to Acwa Power, once operational, the project is expected to significantly increase the country’s power generation capacity, while expanding renewable energy penetration in the market by serving 130,000 households.
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