Egypt, April, 22 2021 - The European Bank for Reconstruction and Development (EBRD), together with partners, is providing a USD-114-million (EUR 94.8m) financing package for a 200-MW solar project in Egypt.

EBRD is extending an up to USD-36-million loan to Saudi renewables developer ACWA Power, which is the developer of the the photovoltaic (PV) plant.

The OPEC Fund for International Development (OPEC Fund) is disbursing USD 18 million, while the African Development Bank (AfDB) and the Green Climate Fund (GCF) are granting USD 17.8 million and USD 23.8 million, respectively. The Arab Bank is lending the remaining USD 18 million.

This new financing agreement adds to the up to USD-14-million and USD-35.5-million equity bridge loans from EBRD and the Arab Petroleum Investments Corporation (APICORP).

Once in operation, the Kom Ombo PV power plant, as it is named, will be able to generate enough power to meet the demand of 130,000 homes. ACWA Power expects commercial operations to begin in the third quarter of 2022.

This new PV plant already has a 25-year power purchase agreement (PPA), a network connection contract and an usufruct agreement in place.