ACWA Power has announced that it has signed a total of $123Million of financing package to develop the 200MW Kom Ombo project, a utility-scale solar power plant in Egypt.
The Saudi Arabia owned project developer says the package “comprises loans of up to $36Million from the EBRD, $14.6Million from the OPEC Fund, $ 14.4Million from the AfDB, $34.5Million from the GCF, $14.8Million from Arab Bank and $ 10Million from the SEFA, under the COVID-19 IPP relief programme”.
Apart from these loans, “the project already has equity bridge loans of $14Million from the EBRD and $45Million from the Arab Petroleum Investments Corporation (APICORP)”, ACWA explains.
“While the financing documentation was originally signed in April 2021 with the EBRD, the OPEC Fund, the Green Climate Fund (GCF), African Development Bank (AfDB) and Arab Bank, the dynamics in global supply chains due to COVID19 altered the dynamics for the development of solar plants”, ACWA ventures.
“This resulted in the extension for Kom Ombo’s project execution”.