The financing package includes loans of up to $36 million from the European Bank for Reconstruction and Development  (EBRD), $14.6 million from the OPEC Fund for International Development and $14.4 million from the African Development Bank (AfDB).

The Green Climate Fund (GCF), Arab Bank and AfDB’s Sustainable Energy Fund for Africa (SEFA) are offering loans of $34 million, $14.8 million and $10 million, respectively.

Thew new plant will be located in the village of Kom Ombo, less than 20 kilometres from Africa’s largest solar park at Benban.

The plant is scheduled to be commercially operational in January 2024, when it will supply power to 130,000 households.

The project's financing package was originally signed in April 2021. However, the execution period was extended due to the global economic crisis in 2022.

The Kom Ombo plant will contribute to the Egyptian government’s target to generate 42 percent of the country’s electricity from renewable energy sources by 2035 while delivering power to consumers at among the lowest prices in Africa.

“The new financing package is a result of the confidence that major institutions have in our proven track record of developing large-scale projects. With this funding, we are fully committed to working collaboratively with our partners in the public and private sectors to ensure that this project delivers a strong and sustainable outcome for all involved,” CEO of ACWA Power Marco Arcelli commented.

"The Kom Ombo project is the first tendered utility-scale solar project in Egypt, and one of the first to be delivered under the Energy Pillar of the Nexus Water-Food-Energy (NWFE) initiative, whereby the Egyptian authorities are committed to developing 10 GW of new renewable energy projects and decommissioning five GW of thermal capacity," Managing Director for Sustainable Finance Group at EBRD Nandita Parshad said.

Launched by Egypt's Minister of International Cooperation in July 2022, Egypt’s Country Platform for the Nexus of Water, Food, and Energy (NWFE) aims to mobilise climate finance and private investments from multiple international financing institutions to accelerate the national climate agenda and support the country's green transition.