$114M in financing package to build largest private solar power plant in Egypt

CAIRO – 22 April 2021: The European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank, the Green Climate Fund and the Arab Bank signed a financing package worth $114 million with ACWA Power to build the largest private solar energy plant in Egypt.

The EBRD said in a statement that the development of the Kom Ombo solar power plant would add 200 megawatts of energy and enhance the private sector’s participation in the Egyptian energy sector.

The statement pointed out that the package consists of loans amounting to $ 36 million from the European Bank for Reconstruction and Development, $ 18 million from the OPEC Fund, $ 17.8 million from the African Development Bank, $ 23.8 million from the Green Fund and $ 18 million from Arab Bank.

According to the statement, this comes in addition to interim equity loans amounting to $ 14 million from the European Bank for Reconstruction and Development and $ 33.5 million from the Arab Petroleum Investment Corporation (APICORP).