Acwa Power has obtained $ 54 million in the form of a loan from the European Bank for Reconstruction and Development for the construction of the Kom Ombo solar power plant.
In Egypt, developer Acwa Power has just obtained financial support from the European Bank for Reconstruction and Development for the installation of the Kom Ombo solar power plant. The EBRD has in fact granted it a financing of $ 54 million in the form of a loan at the rate of $ 40 million in senior debt and $ 14 million in bridge loans.
The 200 MW capacity infrastructure has an estimated cost of $ 155.4 million. It will consist of two-sided solar panels. Construction work is scheduled to be completed in 2021.
Output from the plant will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year power buy-back contract. The cost to transfer production is $ 0.02752 per kilowatt hour. It was the lowest feed-in tariff in all of North Africa when the deal was signed in 2019.
The output from the Kom Ombo solar power plant will power 130,000 households and prevent the emission of 280,000 tonnes of CO2 each year. Egypt has set itself the goal of producing 20% of its energy from renewable sources by 2022.
Source Ecofin Agency