US$123 million financing secured for 200 MW Solar PV project in Egypt

ACWA Power has signed a US$123 million financing package to develop the 200 MW Kom Ombo solar photovoltaic project in Egypt. The utility-scale solar power plant will generate 650 GWh of electricity annually which serve 130,000 households. It features SG250HX-IN-20 inverters and medium-voltage turnkey station MVS6650-LV which are resilient in complex environments such as extreme temperature, dry and dusty conditions. Compatible with bifacial modules and tracking systems, the solution allows considerable yields by leveraging the sunlight resources onsite.

The project will be financed by the European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, the Africa Development Bank, the Green Climate Fund, Arab Petroleum Investments Corporation, and Arab Bank.

The financing package comprises loans totaling US$36 million from the EBRD, US$14.6 million from the OPEC Fund, US$14.4 million from the AfDB, US$34.5 million from the GCF, US$14.8 million from Arab Bank and US$10 million from the AfDB’s Sustainable Energy Fund for Africa. The project is expected to commence operations in January 2024 and is set to be an important contributor to Egypt's renewable energy sector.