- Kom Ombo 200 MW Solar Power Plant
Kom Ombo 200 MW Solar Power Plant
|Borrower||ACWA Power Kom Ombo for Energy|
|Financing Type||Private Sector & Trade Finance|
|Instrument||Private Sector Debt|
|Loan Administrator||BNY Mellon|
|Co-financiers||Arab Bank, Growth Climate Fund, AFDB, EBRD|
|OPEC Fund Contribution (US$m)||30.00|
The OPEC Fund extended a US$18 million loan to ACWA to help construct the Kom Ombo solar plant – the largest of its kind in Egypt. The development of the plant will add 200 MW of energy capacity, increasing the share of renewable energy in Egypt’s energy mix and further promoting private sector participation in the Egyptian power sector. The 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.
The total US$114 million financing package with ACWA Power comprises the OPEC Fund’s contribution, loans of up to US$36 million from the European Bank for Reconstruction and Development (EBRD); US$17.8 million from the African Development Bank (AfDB); US$ 23.8 million from the Green Climate Fund (GCF) and US$18 million from Arab Bank. This is in addition to equity bridge loans of up to US$14 million from EBRD and US$33.5 million from Arab Petroleum Investments Corporation (APICORP).