ACWA signs final agreements for 200MW Kom Ombo PV project
Saudi developer ACWA Power has finalised the project agreements for the 200MW Kom Ombo solar PV plant in Egypt. The company signed a 25-year Power Purchase Agreement, Network Connection Contract, and Usufruct Agreement for the project, which is due for financial close in the third quarter of the year.
The European Bank of Reconstruction and Development agreed a $40 million senior debt financing and a $14 million equity bridge loan, while the African Development Bank is providing a $27.2 million loan. Finalising the project agreements for Kom Ombo PV marks a significant milestone towards fulfilment of the project. ACWA says the tariff is the lowest in the African continent for a project that is soon to achieve financial close and commence construction.
Construction of the plant is expected to begin in the third quarter of 2021 and, upon completion, Kom Ombo PV will cater to the power needs of 130,000 households and offset 336,000 tonnes of carbon dioxide per year.
