Saudi independent power producer ACWA Power has reached financial close of three PV projects with an aggregate capacity of 165.5 MW to build in Egypt. The total projects costs are $190 million of which 75 percent are financed through a non-recourse project debt from EBRD (European Bank for Reconstruction and Development) and ICBC (Industrial and Commercial Bank of China). The projects, which are located in the Aswan Province at Benban, will have a respective capacity of 67.5 MW, 70 MW and 28 MW. The construction will commence in Q1 2018, operation will start in Q4 2018.
ACWA Power is partnering with the Chinese group Chint and the Egyptian groups Tawakol and Hassan Allam Holding.
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