The European Bank for Reconstruction and Development (EBRD) joined OPEC Fund for International Development, the African Development Bank (AfDB), the Green Climate Fund (GCF) and Arab Bank to sign a $114mn financing package with ACWA Power for the construction a 200-MW solar plant in Kom Ombo in southern Egypt.
The package comprises loans of up to $36mn from the EBRD, $18mn from the OPEC Fund, $17.8mn from the AfDB, $23.8mn from the GCF and $18mn from Arab Bank. This is in addition to equity bridge loans of up to $14mn from EBRD and $33.5mn from Arab Petroleum Investments Corporation (APICORP).
The new Kom Ombo plant will be located less than 20 km from Africa’s biggest solar park, the 1.8-GW Benban complex. Once operational, the new utility-scale plant will serve 130,000 households.
ACWA Power submitted the lowest tariff in what was the first solar photovoltaic (PV) tender in Egypt. The provision of solar energy through a public tendering process aims to achieve a competitive tariff and promote the growth of solar energy as an affordable alternative to conventional energy sources.
Related Articles
Egypt signs oil and gas exploration deals with Dragon Oil, Perenco and Apache worth over $121mn
Egypt’s Ministry of Petroleum and Mineral Resources signed three agreements on September 14 – with UAE-based Dragon Oil, and French independent Perenco Egypt and its US peer Apache Egypt ... more
Egypt eyes $5.2bn in manufacturing investments for FY2025/26, says planning minister
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more
Egypt set to receive $500mn tranche from IMF Resilience and Sustainability Facility before end-2025
Egypt is set to receive the first tranche of $500mn from the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF) before the end of 2025, Asharq Business reported on ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
21 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago