Saudi electricity producer and water desalination company ACWA Power Co (TADAWUL:2082) today said it has achieved the financial close for the 200-MW Kom Ombo solar project in Egypt.
ACWA Power estimates the total cost of the project at USD 182 million (EUR 166.5m). As announced in April, the Saudi developer signed a USD-123-million financing package with the likes of the European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF), among others.
At the same time, the project has equity bridge loans of USD 14 million from the EBRD and USD 45 million from Arab Petroleum Investments Corporation (APICORP).
ACWA Power expects the solar park to start commercial operations in January 2024. Upon completion, it will have the capacity to supply 130,000 households.
(USD 1.0 = EUR 0.915)