The London-based European Bank for Reconstruction & Development (EBRD) plans to provide $40mn of senior debt financing and an equity bridge loan of up to $14mn to help fund the development of a 200MW solar photovoltaic (PV) plant in Egypt at an expected cost of $155.4mn. Approval is slated for 30 September.
The plant will be built at Kom Ombo in southern Egypt by Saudi private energy developer Acwa Power via the ‘ACWA Power Kom Ombo for Energy’ special purpose vehicle. Acwa signed a power purchase agreement with Egypt’s electricity ministry in October 2018 and expects to complete construction in the third quarter of 2021. Acwa will build, finance and operate the plant. (CONTINUED - 323 WORDS)