Egypt solar project secures $123mln financing
ACWA Power announced that it has signed a US$123 million financing package to develop the 200MW Kom Ombo project, a utility-scale solar power plant in Egypt.
Financing institutions for this project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP) and Arab Bank.
The package comprises loans of up to US$ 36 million from the EBRD, US$ 14.6 million from the OPEC Fund, US$ 14.4 million from the AfDB, US$ 34.5 million from the GCF, US$ 14.8 million from Arab Bank and US$ 10 million from the SEFA under the COVID-19 IPP relief programme. The project already has equity bridge loans of US$ 14 million from the EBRD and US$ 45 million from the Arab Petroleum Investments Corporation (APICORP).
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