Saudi Arabia’s ACWA Power Company reached the financial closure for the development, construction, and operation of solar power projects at the Benban complex in Upper Egypt’s Aswan, Al Ahram Newspaper reported.
The three solar plants are worth $190 million and are planned for peak total production of 165.5 MW.
“Our first projects in Egypt have not only achieved financial close but are three photovoltaic power plants supporting the Egyptian government in its pursuit of securing 20% of renewable energy in the power generation mix by year 2022,” Acwa Power’s President and CEO, Paddy Padmanathan, said in a statement, according to The National.
The European Bank for Reconstruction and Development and the Industrial and Commercial Bank of China will finance 75% of the total $190 million through a non-recourse project debt. Meanwhile, the remaining 25% will be funded by the Multilateral Investment Guarantee Agency through equity capital.
The three solar plants will be established starting the first quarter of 2018 and will be operational by the fourth quarter of the same year.