the European Bank for Reconstruction and Development reports that it is considering loaning Saudi energy giant ACWA $ 54 million for a 200 MW solar power plant it is building in the city of Kom Ombo in Aswan Governorate, southern Egypt.
The international financial institution said the lending could consist of up to $ 40 million of senior debt funding co-financed with other parties and an equity bridging loan of up to $ 14 million.
The 200 MW system will be built on fallow, dry land 60 km north of the city of Aswan next to a 26 MW PV system of the New and Renewable Energy Authority (NREA) and also approx. 17 km north of the city 1.8 GW Benban solar complexwhere ACWA Power has already developed 120 MW of solar energy.
Prior to the Covid-19 crisis, ACWA said it plans to complete construction on the project in the first quarter of 2021, but it is now likely that completion would be delayed.
The Saudi energy company secured the project through a Call for applications in 2019, in which a final price of 0.02791 USD / kWh was offered.
The company also recently signed a letter of intent (MoU) with two Egyptian government agencies to evaluate Series of water desalination projects using renewable energy.
The EBRD has funded several projects in the Benban complex. Besides, the Egyptian Electricity Transmission Co a loan of 183 million last year EBRD to integrate 1.3 GW of new renewable energy generation capacity into its network as it faces the challenge of increasing electricity demand.
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