OPEC Fund Helps Finance Egypt’s Largest Private Solar Plant

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OPEC’s Fund for International Development is among a group of development banks providing $114 million of loans to build the largest privately owned solar plant in Egypt.

ACWA Power’s 200-megawatt Kom Ombo site also received funding from the European Bank for Reconstruction and Development, the African Development Bank, the Green Climate Fund and Jordan’s Arab Bank Plc, the company said in a statement.

Egypt aims to generate 42% of its electricity from renewable sources by 2035. The country’s largest solar plant is the 1.8-gigawatt Benban complex, which is about 20 kilometers (12 miles) from the Kom Ombo project.

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