Private Saudi power firm Acwa on 25 April announced it had tied up a $123mn financing package to develop a 200MW solar PV plant at Kom Ombo in the south of Egypt. Acwa says the project is “expected to reach commercial operations in January 2024,” though this looks ambitious based on the latest satellite imagery, which indicates little-to-no site development to date.

Funding is slated to come from the UN’s Green Climate Fund ($34.5mn), the African Development Bank ($24.4mn), the Arab Bank ($14.8mn) and Opec’s Fund for International Development ($14.6mn), with the London-based EBRD to chip in the remaining “up to $36mn,” having previously provided a $14mn equity bridge loan alongside $45mn from Apicorp. (CONTINUED - 729 WORDS)