Kom Ombo solar plant secures $123 million financing

• 1 year, 6 months ago (2023-04-27)
• David Flin

Middle East 326 Solar 272

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The much-delayed 200 MW Komo Ombo solar project in Egypt has secured a $123 million financial package, potentially signalling that the project may proceed.

Originally announced in 2020, with financing documentation originally signed in April 2021, the developer ACWA Power said that the change in dynamics in global supply chains resulting from Covid-19 resulted in the need for an extension for execution of the project.

The Kom Ombo solar power plant will be fitted with two-sided panels capable of capturing the sun’s rays on both sides of the modules. ACWA Power said that it now expects to finish construction in Q1 2024.

The Egyptian Electricity Transmission Company (EETC) has signed a 25-year PPA. According to the agreement, power from the plant will be sold at $0.0248 per kWh.