ACWA Power, a Saudi Arabian developer, investor and operator of power generation and desalinated water plants in 13 markets, has signed a 25-year power purchase agreement for the 200-megawatt Kom Ombo PV plant in Egypt.
Upon full buildout, Kom Ombo PV will be one of the largest privately developed utility-scale solar plants in Egypt. ACWA Power said it is aiming to produce 42 percent of Egypt’s electricity using renewable sources by 2035, in line with Egypt’s Integrated Sustainable Energy Strategy.
Construction of the plant is expected to begin in the third quarter of 2021. Upon completion, it will power 130,000 households and offset 336,000 tons of carbon dioxide per year.
“Financial closure of Kom Ombo PV is scheduled for the third quarter of 2021, following the obtainment of a $40 million senior debt financing and a $14 million equity bridge loan from the European Bank of Reconstruction and Development, in addition to a $27.2 million loan from the Afric