- Press Releases
March 4 (Renewables Now) - The African Development Bank (AfDB) said that it has approved a loan to support ACWA Power’s 200-MW Kom Ombo solar photovoltaic (PV) project in Egypt.
The bank will provide USD 27.2 million (EUR 22.6m) in the form of a senior loan, with the European Bank for Reconstruction and Development, the Green Climate Fund (GCF), Arab Bank and the OPEC Fund for International Development also set to contribute.
The total cost of Kom Ombo is estimated at USD 156.4 million, the AfDB added.
The project is sited in Aswan Governorate, Upper Egypt, some 800 kilometres (497.1 miles) south of Cairo. Its Saudi developer secured a 25-year power purchase agreement (PPA) with the government of Egypt for the Kom Ombo output.
ACWA Power has committed to develop, finance, construct and operate the plant. According to the company's latest update, the Kom Ombo project is expected to be completed in the third quarter of 2021.
(USD 1.0 = EUR 0.831)