Riyadh – Mubasher: ACWA Power Company announced the financial close for the 200 megawatts (MW ) Kom Ombo project in Egypt, with an overall investment cost of $182 million.
The Kom Ombo plant is expected to be commercially operational in January 2024, according to a press release.
The solar project will increase the share of renewable energy in the Arab Republic's energy mix and further foster private-sector participation in the Egyptian power sector.
Once operated, the utility-scale plant will serve 130,000 households, which will boost the government’s target to generate 42% of the country’s electricity from renewable energy sources by 2035.
The financing institutions for the project include the European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, the African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and Arab Bank.
ACWA Power unveiled a financial package valued at $123 million for the project last April.
Marco Arcelli, CEO of ACWA Power, said: “We are thrilled to announce the successful financial close of the monumental Kom Ombo solar project in Egypt. Our commitment to renewable energy solutions has brought us to this momentous juncture.”
“Together, we demonstrate our dedication to driving positive environmental impact and reinforce our joint contribution to Egypt's energy independence goals,” Arcelli highlighted.
In the first half ( H1) of 2023, the Tadawul-listed posted a 26.29% higher net profits after Zakat and tax at SAR 684.13 million, compared to SAR 541.72 million in H1-22.
