Saudi-based water and power projects developer ACWA Power said that it has signed final project agreements including power purchase pact with the Government of Egypt for the 200 MW Kom Ombo PV Plant.
The virtual ceremony was held in the presence of senior government officials and representatives from the Egyptian Electricity Transmission Company (EETC); The New and Renewable Energy Authority (NREA), and ACWA Power.
The plant will be one of the largest privately developed utility-scale solar plants, supporting the Egyptian Government’s green energy development program.
The ACWA statement said the financial closure of Kom Ombo PV is scheduled for the third quarter of 2021, following the obtainment of a $40 million senior debt financing and a $14 million equity bridge loan from the European Bank of Reconstruction and Development (EBRD), in addition to a $27.2 million loan from the African Development Bank (AfDB) to finance the construction, development and design of the 200 MW solar PV project.
“The signing of the final project agreements for Kom Ombo PV reflects our longstanding relationship with the Egyptian Electricity Transmission Company (EETC) and The New and Renewable Energy Authority (NREA), as well as our shared commitment to advancing the country’s renewable energy landscape and decarbonisation efforts.” said Paddy Padmanathan, President and Chief Executive Officer of ACWA Power.