EGYPTIAN POWER COMPANY RECEIVES USD 54 MILLION IN LOANS TO BUILD SOLAR PLANT IN KOM OMBO
The European Bank for Recontruction and Development has given ACWA Power a loan of USD 54 million to build a solar power plant in Kom Ombo, set to become one of the largest privately developed solar plants in Egypt.
The European Bank for Reconstruction and Development (EBRD) has been providing Egypt with a lot of funds lately, and recently, they’ve lent ACWA Power a loan for USD 54 million in order to build and develop a 200 MW solar power plant in Kom Ombo! It’ll be one of the largest privately developed solar plants in Egypt, and is part of an overall goal of increasing the generation of renewable energy from the private sector to help the country reach its nationally declared targets – specifically, that Egypt would have 20% of renewable power generation by 2020.
And we’ve noticed that some of you are concerned about the kind of loans we get, so while we’re not exactly bankers, we can tell you that the EBRD’s loan to ACWA Power is made up of USD 14 million as an equity bridge loan and USD 40 million in senior debt financing (which means it’s got a high priority when you pay it back, not that it’s debt for old people).
Source : cairoscene
