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.
The Red Sea Wind Energy Consortium has announced the financial close, of the new 500 MW Gulf of Suez Wind Farm near Ras Ghareb, Egypt.
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Globeleq has signed a Framework Agreement to develop a large-scale green hydrogen facility within the Suez Canal Economic Zone, Egypt.
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AMEA Power has signed a Framework Agreement with the Government of Egypt to develop a 1,000MW green hydrogen project located at the coastal town of Ain Sokhna in the Suez Governorate, Egypt.
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ACWA Power Company has signed a memorandum of understanding (MoU) with Oman Investment Authority (OIA) to explore bringing the sovereign wealth fund on as an investor for the 1.1GW Suez Wind Energy project in Egypt.
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Masdar, along with Infinity Power and Hassan Allam Utilities, have signed a memorandum of understanding (MoU) to develop a 10 GW onshore wind project in Egypt.
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