Saud-based ACWA Power, a firm which delves into water desalination, green hydrogen, energy transition, has achieved financial closure for the Kom Ombo project for 200 MW capacity. This effort entails a utility-scale solar power plant located in Egypt.
The project entails a cumulative investment worth $182 million and the said facility is set for commercial operations by January 2024.
The European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), the Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and the Arab Bank have backed the project financially.
Marco Arcelli, CEO of ACWA Power stated , ”We are thrilled to announce the successful financial close of the monumental Kom Ombo solar project in Egypt. Our commitment to renewable energy solutions has brought us to this momentous juncture.” He said further, “We are poised to turn our vision into reality. I am thankful for the great support from all the financing institutions involved. Together, we demonstrate our dedication to driving positive environmental impact and reinforce our joint contribution to Egypt’s energy independence goals.”
Once fully operational, the utility-scale project will supply power to close to 130,000 households.
