Saudi Arabia-based multinational power firm ACWA Power has finalised offers enabling the event and operation of a brand new 200MW photo voltaic PV plant in Egypt.

The Kom Ombo photo voltaic PV challenge might be one of many largest privately developed utility-scale photo voltaic crops in Egypt.

Once accomplished, the challenge will produce sufficient power to energy 130,000 households and offset 336,000 tons of carbon dioxide per 12 months. The growth of the photo voltaic PV challenge is anticipated to begin within the third quarter of 2021.

The plant will increase Egypt’s portfolio of renewables and assist the nation transfer in direction of its goal of producing 22% of the nation’s energy from renewables by 2022 and 42% by 2035.

The European Bank of Reconstruction and Development (EBRD) will present a $14 million fairness bridge mortgage and $40 million senior debt financing. A monetary bundle has additionally been signed with the African Development Bank for a $27.2 million mortgage.

Despite the signed offers for the event of the plant, monetary closure for the development of the challenge is ready to be finalised within the third quarter of 2021.

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ACWA Power has signed a 25-year Power Purchase Agreement (PPA), Network Connection Contract and Usufruct Agreement with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA).

In January 2021, ACWA and the Egyptian Ministry of Finance signed a authorities assure for the challenge.

In Egypt, ACWA Power has three photo voltaic PV tasks situated within the Aswan province (Benban 1, Benban 2 and Benban three) with an combination capability of 120MW and the 2250MW Dairut-Luxor CCGT IPP within the Luxor Governorate.

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