According to the disclosure, the company said it received a notice on Sunday from Kom Ombo for Energy stating that the project company has been granted the Project Commercial Operation Certificate by the off-taker for the 200 MW Kom Ombo solar PV project located in Kom Ombo, Aswan governorate.

ACWA Power owns a 100 percent share in the Kom Ombo for Energy project. The project has a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) with a total investment of SAR 611 million (about EGP 7 billion).

The company expects financial impact from the third quarter of 2024 onwards.

The project was expected to be commercially operational in January 2024.

ACWA Power is a leading Saudi-listed developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide.

In April 2023, the company signed a $123 million financing package to develop the 200 MW utility-scale solar power plant Kom Ombo project in Egypt, with a total investment of $183 million.

The project's financing institutions include the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (the OPEC Fund), the African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP), and Arab Bank.

The package includes loans of up to $36 million from the EBRD, $14.6 million from the OPEC Fund, $14.4 million from the AfDB, $34.5 million from the GCF, $14.8 million from the Arab Bank, and $10 million from the SEFA under the COVID-19 IPP relief programme.

Egypt targets increasing clean energy participation to 42 percent of the total capacity of the country’s national electricity grid by 2030.

The government also encourages the private sector and international financial institutions to raise their investments in clean energy and renewables.

Moreover, Prime Minister Mostafa Madbouly said that Aswan Governorate is one of the best locations for solar energy production due to its distinctive weather, which supports more projects in that sector during the next phase.

He expressed his appreciation for ACWA Power's efforts, pointing out that it is one of the largest companies cooperating with the government recently in solar energy projects.

In October 2018, ACWA Power signed the PPA with the Egyptian government to develop, finance, construct, and operate the Kom Ombo photovoltaic (PV) plant (officially titled 1 x 200 MW KOM OMBO Solar PV Power Project).

The plant is designed to generate 200 MW of clean electricity and is expected to be completed in the third quarter of 2024. Once operational, Komombo PV will meet the power needs of 130 thousand households and offset 280,000 tons of carbon dioxide annually.