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Egypt’s 200MW Kom Ombo plant becomes operational

9 July 2024

Saudi utility developer and investor Acwa Power's 200MW solar photovoltaic project in Kom Ombo, Egypt, has reached commercial operations.

The utility developer said on 1 July that it had received the project's commercial operation certificate from the offtaker, the Egyptian Electricity Transmission Company (EETC).

The project company obtained financial close on a $123m financing package in August 2023.

Acwa Power maintains a 100% stake in the project, the power-purchase agreement for which lasts 25 years.

The project has required a total investment of SR611m ($162.9m), which is slightly higher than the value of $114m that was agreed in 2021 before the project was put on hold.

The following banks agreed to provide loans for the project:

  • European Bank for Reconstruction & Development (EBRD): $35.6m
  • Opec Fund for International Development: $14.4m
  • African Development Bank (AfDB): $14.4m
  • AfDB’s Sustainable Energy Fund for Africa (Sefa): $10m
  • Green Climate Fund: $34.1m
  • Arab Bank: $14.4m

The EBRD and Arab Petroleum Investments Corporation (Apicorp) also provided equity bridge loans for the project of $14m and $45m, respectively.

Acwa Power's CEO Marco Arcelli said in April last year that the developer is committed to fast-tracking the project’s development.

Acwa Power asked the EETC to postpone the project in November 2021, after it reached financial close in August of that year.

It was said at the time that construction work on the project would resume once solar panel prices and freight fees stabilised.

The Kom Ombo solar power plant is located less than 20 kilometres from the 1,465MW Benban complex. 

The new plant will serve an equivalent of 130,000 households.

https://image.digitalinsightresearch.in/uploads/NewsArticle/12070107/main5622.jpg
Jennifer Aguinaldo

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