Saudi ACWA Power secures $123 mln to construct solar project in Egypt

By Nada Ali On Aug 30, 2023

Saudi Arabian utility developer ACWA Power announced on Wednesday that it has successfully secured a $123 million financial close for the construction of the 200MW Kom Ombo solar project in Egypt.

The financing institutions for this project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), and Arab Bank.

The package included loans amounting to $36 million from the EBRD, $14.6 million from the OPEC Fund, $14.4 million from the AfDB, $34.5 million from the GCF, $14.8 million from Arab Bank, and $10 million from SEFA.

AfDB AfDB’s Sustainable Energy Fund for Africa (SEFA)African Development Bank (AFDB)Arab Bank EBRD EBRD’s investments in Egypt Egypt European bank for Reconstruction and Development (EBRD)