Kom Ombo PV will be one of the largest privately developed utility scale solar plants in Egypt and will support the country in increasing its renewable energy capacity in line with the national targets to generate 22% of Egypt’s power from renewables by 2022 and 42% by 2035.
ACWA Power signs PPA for 200 MW Solar project in Egypt
Date
April 08, 2021
Type
PPA Agreement
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ACWA Power has finalised the project agreements for the 200MW Kom Ombo PV plant in Egypt.
The signing of the 25-year Power Purchase Agreement (PPA), Network Connection Contract and Usufruct Agreement was conducted via a virtual ceremony held with senior government officials and representatives from the Egyptian Electricity Transmission Company (EETC); The New and Renewable Energy Authority (NREA), and ACWA Power.
Financial closure of Kom Ombo PV is scheduled for the third quarter of 2021, following the obtainment of a USD 40 million senior debt financing and a USD 14 million equity bridge loan from the European Bank of Reconstruction and Development (EBRD), in addition to a USD 27.2 million loan from the African Development Bank (AfDB) to finance the construction, development and design of the 200 MW solar PV project.
Construction of the plant is expected to begin in the third quarter of 2021 and upon completion, Kom Ombo PV will cater to the power needs of 130,000 households and offset 336,000 tons of carbon dioxide per year.
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