EGYPT: AfDB approves a $ 27 million loan for the Kom Ombo solar power plant (200 MWp).

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The Kom Ombo solar project will soon enter the construction phase. The developer, Acwa Power, has just received funding to secure construction. The African Development Bank (AfDB) has granted a loan of $ 27.2 million. The photovoltaic solar power plant, which will be about forty kilometers from the city of Aswan, will have a capacity of 200 MWp.

The AfDB’s support for this project is part of the New Deal on Energy for Africa initiative, which aims to achieve universal access to energy in Africa by 2025 through a platform for public-private partnerships (PPP) to fund projects for renewable energy to increase. The Kom Ombo solar power plant is being developed as part of a PPP between Saudi Arabia’s independent power producer (IPP) Acwa Power and the Egyptian energy authorities.

A total investment of $ 156.4 million

The current flowing from the Kom Ombo The photovoltaic solar power plant is being sold to the Egyptian Electricity Transmission Company (EETC) under a 20-year power purchase agreement (PPA). EETC will buy the kWh of electricity for $ 0.027 52 USD. “By increasing Egypt’s installed power generation capacity from renewable energy sources, the plant is expected to reduce greenhouse gas emissions by more than 7 million tons of CO2 equivalent over a period of 25 years “ says the AfDB.

According to the Pan-African Bank, the project should reduce electricity costs for Egyptian companies and households in the next few years. Acwa Power will invest a total of $ 156.4 million thanks to loans from various international financial institutions including the European Bank for Reconstruction and Development (EBRD), the Arab Bank of Jordan, the Green Climate Fund (GCF) and the Opec Fund for International Development (OFID).

Jean Marie Takouleu

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