Acwa Power reaches financial close on three solar PV plants in Egypt

Acwa Power has reached financial close with multilateral banks for three photovoltaic projects in Egypt's largest solar power complex in the southern Aswan province. 

Seventy-five per cent of the $190 million project with a capacity of 165.5MW will be developed through a non-recourse project debt secured from the European Bank for Reconstruction and Development (EBRD) and Industrial and Commercial Bank of China. The latter tranche is with the Multilateral Investment Guarantee Agency and covers the remaining 25% of the cost financed with equity capital.

The three PV plants, with power generating capacities of 67.5MW, 70MW and 28MW at Benban, are being developed as part of the government’s second round of the feed-in tariff programme.