Egypt to get $123 M-worth solar power plant
Egypt, Cairo: Saudi developer ACWA Power has announced the signature of $123 M of funding to construct a 200 MW utility-scale solar power plant in Egypt.
Image for illustration purposes
Egypt, Cairo: Saudi developer ACWA Power has announced the signature of $123 M of funding to construct a 200 MW utility-scale solar power plant in Egypt.
The institutions financing the Kom Ombo project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), African Development Bank (AfBD), AfBD’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GFC), Arab Petroleum Investments Corporation (APICORP) and Arab Bank.
“The Kom Ombo solar project further demonstrates the private sector’s active involvement in Egypt’s energy transition. This accomplishment highlights the shared vision and purpose of various global financing institutions in achieving the Republic’s targets, which would not be possible without the trust and support of the government, the Egyptian people, and communities,” said ACWA Power’s CEO Marco Arcelli.
The new plant will be located about 20 km from Africa’s largest solar park, the 1,465 MW Benban complex, also developed by ACWA, and is expected to become fully operational in January 2024.
The plant will also contribute to the Egyptian government’s target to generate 42 % of the country’s electricity from renewable sources by 2035 and deliver one of the lowest generation tariffs in Africa.
Source: ACWA Power
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