EBRD considers funding 200-MW solar project of ACWA Power

Solar panels. Image by: Acwa Power (www.acwapower.com).

September 1 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is reviewing an application to extend debt financing for the construction of a 200-MW solar park in Egypt.

The application for senior debt financing of up to USD 40 million (EUR 33.4m) was put forward by a subsidiary of Saudi Arabia’s ACWA Power and concerns its Kom Ombo scheme in Aswan Governorate. After reviewing the project concept last week, the lender is expected to issue an approval on September 30, it said in a Project Summary Document (PSD) disclosure on Friday.

The USD-40-million loan will be co-financed with other parties, the EBRD said, adding that an equity bridge loan of USD 14 million will also be provided. The overall cost of the project is estimated at USD 155.4 million.

To be installed in Kom Ombo, the photovoltaic (PV) park is expected to generate enough power to meet the annual consumption of about 130,000 homes, once completed. Its construction will be facilitated by a power purchase agreement (PPA) with the government of Egypt, according to which power from the plant will be sold at USD 0.0248 per kWh. That this tariff was touted as the lowest one contracted for solar energy in North Africa.

ACWA Power previously said it plans to have the PV farm online in the first quarter of 2021.

(USD 1.0 = EUR 0.835)

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