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Saudi ACWA Power signs $123 mln financing agreement for 200 MW solar plant in Aswan

Saudi Arabia’s utility developer ACWA Power signed a $123 million financing agreement for the development of a 200 MW solar power plant in Aswan.
26.04.23 | Source: Ahram Online

The financing package includes loans of up to $36 million from the European Bank for Reconstruction and Development  (EBRD), $14.6 million from the OPEC Fund for International Development and $14.4 million from the African Development Bank (AfDB).


The Green Climate Fund (GCF), Arab Bank and AfDB’s Sustainable Energy Fund for Africa (SEFA) are offering loans of $34 million, $14.8 million and $10 million, respectively.


Thew new plant will be located in the village of Kom Ombo, less than 20 kilometres from Africa’s largest solar park at Benban.


The plant is scheduled to be commercially operational in January 2024, when it will supply power to 130,000 households.


The project's financing package was originally signed in April 2021. However, the execution period was extended due to the global economic crisis in 2022.

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