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Located less than 20 km from Africa’s biggest solar park, Kom Ombo plant will add 200 MW of energy capacity
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Leading Saudi developer and investor ACWA Power will construct the plant
ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 high-growth markets, will construct Egypt’s largest private solar plant after several top global financial institutions signed a $114m financing package with it.
The European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (OPEC Fund), African Development Bank (AfDB), Green Climate Fund (GCF) and Arab Bank on Thursday signed the package for the Kom Ombo plant that will add 200 MW of energy capacity.
The plant will also increase the share of renewable energy in Egypt’s energy mix and further promote private-sector participation in the Egyptian power sector.
It will be located less than 20 km from Africa’s biggest solar park, the 1.8 GW Benban complex. Once operational, the new utility-scale plant will serve 130,000 households.
ACWA Power submitted the lowest tariff in what was the first solar photovoltaic (PV) tender in Egypt. The provision of solar energy through a public tendering process aims to achieve a competitive tariff and promote the growth of solar energy as an affordable alternative to conventional energy sources.
EBRD President Odile Renaud Basso said they were happy to team up again with ACWA Power in Egypt, after the “successful partnership in Benban, to promote renewable energy in Egypt”.
