AfDB approves loan for ACWA's Kom Ombo solar

African Development Bank (AfDB) has approved a $27.2 million loan as part of a funding package for ACWA Power’s $156.4 million 200MW Kom Ombo solar PV project in Egypt. The EBRD is also expected to provide a $40 million senior loan and an $14 million equity bridge loan for the project, with the remainder of the debt coming from the Green Climate Fund (GCF), Arab Bank and the OPEC Fund for International Development (OFID).

ACWA won the project in August 2018 with a levelised cost of electricity (LCOE) bid of US$0.02752 per kWh. The scheme is backed by a 25-year power purchase agreement (PPA) with the Egyptian government signed in 2019.