Kom Ombo Solar Project : ACWA Power secures $182m for 200MW Egyptian plant
ACWA Power, a leader in the global energy transition and the world’s largest private water desalination company, has announced the financial close for its Kom Ombo solar project. This utility-scale solar power plant, with a 200MW capacity, is situated in Egypt and comes with an overall investment cost of $182 million. Scheduled to be commercially operational by January 2024, the Kom Ombo solar project marks another milestone for ACWA Power in renewable energy and green hydrogen sectors.
Major Financial Backing for Kom Ombo Project
Financial institutions supporting this ambitious project include the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (OPEC Fund), African Development Bank (AfDB), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and Arab Bank. A significant financial package of $123 million was previously announced in April 2023. This package consists of diverse loans from EBRD, OPEC Fund, AfDB, GCF, Arab Bank, and SEFA, all combining their resources to make this project a reality.
ACWA Power secures $182m for 200MW Kom Ombo Solar Project in Egypt. Photo courtesy of ACWA POWER.
CEO Marco Arcelli Celebrates Financial Close
Marco Arcelli, CEO of ACWA Power, expressed his enthusiasm about reaching the financial close of the Kom Ombo project. “Our commitment to renewable energy solutions has led us to this pivotal moment,” said Arcelli. He thanked all the financial institutions involved, adding, “Together, we illustrate our commitment to creating a positive environmental impact and bolster our mutual contribution to Egypt’s energy independence targets.”
Impact on Egyptian Renewable Energy Goals
Once fully operational, the Kom Ombo solar power plant is set to serve around 130,000 households. This substantial contribution aligns with the Egyptian government’s ambitious plan to source 42% of the nation’s electricity from renewable energy by 2035. Moreover, the project promises to offer one of the lowest electricity generation tariffs in Africa.
The Kom Ombo solar power project not only reinforces ACWA Power’s position as a key player in global energy transition but also makes significant strides in Egypt’s path toward renewable energy and energy independence.