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The Kom Ombo solar power plant in Egypt, which has a capacity of 200 MWp, is being built by Saudi Arabian independent power producer (IPP) Acwa Power. The firm is mobilising $123 million from various international financial institutions.
The Kom Ombo solar power plant in Egypt, which has a capacity of 200 MWp, is being built by Saudi Arabian independent power producer (IPP) Acwa Power. The firm is mobilising $123 million from various international financial institutions.
This has been confirmed by its developer, the Saudi independent power producer (IPP) Acwa Power, which announced a financing of 123 million dollars. The loans include $45 million from the Arab Petroleum Investments Corporation (APICORP), $36 million from the European Bank for Reconstruction and Development (EBRD), and $34.5 million from the Green Climate Fund (GCF). The African Development Bank (AfDB) is also supporting the construction of the Kom Ombo solar park with a $24.4 million loan, including $10 million from the COVID-19 Debt Relief Programme for IPPs of the Sustainable Energy Fund for Africa (SEFA). Acwa Power is also getting $14.8m from Jordan’s Arab Bank, and $14.6m from the Opec Fund for International Development (OFID).
Private sector participation in the Kom Ombo project is the result of a successful policy dialogue with the Egyptian Ministry of Electricity and Renewable Energy and the Egyptian Electricity Transmission Company (EETC), as well as a $3.6 million technical assistance programme, co-financed by the EBRD and the GCF, to help the EETC administer competitive renewable energy tenders. In addition, the project has also benefited from broader energy sector reforms supported by the AfDB in recent years to increase private sector participation, stated Kevin Kariuki, AfDB Vice President.
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The Kom Ombo solar park is being built 20 km from the Benban solar complex, the largest currently operational in Africa. In Kom Ombo, Acwa Power is expected to invest USD 156.4 million. The solar park is scheduled to come online in January 2024. The plant is being built at the same time as the Abydos Solar Power Company (ASPC). The special purpose company owned by UAE IPP Amea Power is also building a 500 MWp solar power plant in Kom Ombo. The park is being installed by Chinese manufacturer JA Solar, which won an order for 560 MW of solar modules in early 2023.
