ACWA Power’s solar project in Egypt closes $123m financing

Saudi energy firm ACWA Power reached financial close for $123 million to develop the 200-megawatt Kom Ombo utility-scale solar project plant in Egypt.

This move further underscored the confidence that major institutions have in ACWA Power’s track record of developing large-scale projects.

The entire cost of the investment was $182 million, with 68 percent of that amount being non-recourse to shareholders, the company said in a bourse statement on Wednesday.

According to the statement, the limited recourse financing will be for a duration of two years.

With the construction of the new plant, renewable energy will make up a greater share of Egypt’s energy mix, further encouraging private sector involvement in the nation’s power industry.

“ACWA Power’s successful acquisition of financing support for our renewable project is a significant milestone. We’re fully committed to fast-tracking the project’s development while staying true to Egypt’s renewable energy targets,” ACWA Power CEO Marco Arcelli said at the signing of the financing package in April.