The Saudi developer and power generation operator ACWA Power has achieved financial close of the 200 MW Kom Ombo plant with an overall investment cost of US$182m. Located in the desert area of Kom Ombo in the Aswan Governorate of Egypt, the plant is expected to be equiped with bi-facial solar modules, and a Sungrow SG250HX-IN-20 inverter to convert electricity from medium voltage to 220kV, and a grid connection interface.
Back in April 2023, the solar project obtained a financial package of US$123m, comprised of US$35.6m in loans from the European Bank for Reconstruction and Development (EBRD), US$34.1m from the Green Climate Fund (GCF), US$14.4m from the OPEC Fund for International Development, US$14.4m from the African Development Bank (AfDB), US$14.4m from Arab Bank and US$10m from the AfDB’s Sustainable Energy Fund for Africa (SEFA) under the COVID-19 IPP relief programme. In addition, the project counts with equity bridge loans of US$14m from the EBRD and US$ 45m from Arab Petroleum Investments Corporation (APICORP).
Aligned with the Egyptian government’s energy plans to produce 42% of the country’s electricity from renewable energy sources by 2035, the Kom Ombo plant is expected to be commercially operational in January 2024 and help offset approximately 280,000 tCO2 emissions a year.
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