- Several international financial institutions are raising $123 million for the Kom Ombo solar power plant in Egypt.
- The park, which will have a capacity of 200 MWp, is being built by Saudi Arabian independent power producer (IPP) Acwa Power.
The level of financial mobilization has been reached for the Kom Ombo solar project. Acwa Power, a Saudi independent power producer (IPP), which has announced a financing of 123 million dollars, has validated the facts. The loans total $34.5 million from the Green Climate Fund (GCF), $36 million from the European Bank for Reconstruction and Development (EBRD), and $45 million from the Arab Petroleum Investments Corporation (APICORP).
A $24.4 million loan from the African Development Bank (AfDB), which includes $10 million from the COVID-19 Debt Relief Programme for IPPs of the Sustainable Energy Fund for Africa (SEFA), is also helping to build the Kom Ombo solar park. Acwa Power is also getting $14.8m from Jordan’s Arab Bank, and $14.6m from the Opec Fund for International Development (OFID).
The Benban solar complex, the biggest currently operating in Africa with a capacity of 1,650 MWp, is located 20 km from the Kom Ombo solar park. Acwa Power is to invest USD 156.4 million in Kom Ombo. In January 2024, the solar park is slated to be online.
The Abydos Solar Power Company (ASPC) and the plant are both under construction simultaneously. The 500 MWp solar power project in Kom Ombo is also being built by the special purpose business controlled by UAE IPP Amea Power. The park is being built by Chinese company JA Solar, which received a contract for 560 MW of solar panels at the beginning of 2023.