Kom Ombo Solar PV Plant Represents $163 Million Investment
Saudi-listed ACWA Power has announced the commercial operation status of its Kom Ombo solar photovoltaic (PV) plant in Egypt, valued at 611 million Saudi riyals ($163 million).
Strategic Location and Capacity
Situated in the Kom Ombo area within the Aswan governorate, the 200 megawatts (MW) plant has been confirmed operational, according to a statement released by the company to the Saudi stock exchange.
ACWA Power retains complete ownership of the project company, which has secured a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), a state-backed entity.
Competitive Tariff and Environmental Impact
The company boasts the lowest tariff ever contracted for a solar energy project in North Africa, as stated on the ACWA Power website. Upon commencing operations, the Kom Ombo PV plant is expected to supply power to 130,000 households and significantly reduce carbon emissions by 280,000 tonnes annually.
Financing and Support
In April 2023, the project obtained $123 million in financing from several key institutions: the European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (OPEC Fund), African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and Arab Bank.