Provision of a senior debt financing of up to USD 40 million, in addition to an equity bridge loan of up to USD 14 million, to finance the construction and development of a 200 MW solar PV project located in Kom Ombo, Egypt. The Project will be one of the largest privately developed utility scale solar plants in Egypt and will support the country in increasing its renewable energy capacity.
The Project will further promote private sector participation in the Egyptian power sector and increase the share of renewable energy in the energy mix in line with the nationally declared targets. The Project is expected to further improve the environmental characteristics of Egypt's power sector by reducing emissions of local pollutants and CO2, as well as water consumption.
ETI score: 80
The Project will contribute to the "Green" transition quality by adding 200 MW of new renewable capacity to the national electricity grid leading to a reduction in CO2 emissions. The Project will also help in demonstrating a new business model for the provision of solar energy through a public tendering process to achieve a competitive tariff and promote the growth of solar energy as an affordable alternative to conventional energy sources.
ACWA POWER KOM OMBO PROJECT HOLDING COMPANY LTD
"ACWA Power Kom Ombo for Energy" is a special purpose vehicle incorporated in Egypt for the sole purpose of constructing and operating the Project. It is directly owned by "ACWA Power Kom Ombo Project Holding Company Ltd", a holding company based in the United Arab Emirates. Ultimate shareholder is the International Company for Water & Power Projects ("ACWA Power").
EBRD Finance Summary
Senior debt financing of up to USD 40 million co-financed with other parties, in addition to an equity bridge loan of up to USD 14 million to the Company.
Total Project Cost
Financing Structure: EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions, e.g. a longer grace period than the market average, restricted foreign currency financing etc. Such financing is necessary to structure the project. EBRD offers a tenor, which is above the market average and is necessary to structure the Project,and for the tariff to be economically viable
Risk mitigation: EBRD provides comfort to clients and investors by mitigating non-financial risks, such as country, regulatory, project, economic cycle, or political risks.
Technical Cooperation and Grant Financing
Company Contact Information
+971 4 24 80 826
+971 4 38 59 625
41st Floor, The One Tower, Sheikh Zayed Road P.O. Box 30582, Dubai United Arab Emirates
PSD last updated
04 Nov 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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