Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (the OPEC Fund), the African Development Bank (AfDB), the Green Climate Fund (GCF), and Arab Bank signed a financing package agreement worth $114 million to build the largest solar plant in Egypt.
Once operational, the Kom Ombo solar plant will increase energy capacity by 200 megawatts (MW), boosting the share of renewable energy in the country’s energy mix, the EBRD said in a statement on Thursday.
The new utility-scale plant, situated less than 20 kilometres (km) from the 1.8-gigawatt (GW) Benban complex, is expected to serve 130,000 households.
The package includes loans of up to $36 million from the EBRD, $18 million from the OPEC Fund, $17.8 million from the AfDB, $23.8 million from the GCF, and $18 million from the Arab Bank.
In addition, the solar plant secured equity bridge loans of up to $14 million from EBRD and $33.5 million from Arab Petroleum Investments Corporation (APICORP).
