Egypt solar energy project wins 'Energy Transition Deal of the Year' award

Egypt’s Kom Ombo Solar Project has won recognition as "Energy Transition Deal of the Year" at the latest IJGlobal Awards, held in London in March.

The 200 MW plant, Egypt’s largest private solar plant, is expected to make a significant contribution towards Egypt’s target of generating 42 percent of its electricity from renewable sources by 2035 and serve more than 130,000 households.

International Cooperation Minister and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD) Rania el Mashat commended the efforts exerted by the bank, one of the largest development partner in the country, according to a statement by the ministry on Saturday 16/03/2024.

Such efforts come in response to structural reforms made by the state in the energy sector since 2014, she added.

Additionally, the project aims to provide one of the lowest generation tariffs in Africa. It is constructed and operated by Saudi firm ACWA Power and backed by financiers including the OPEC Fund, EBRD, AfDB, Green Climate Fund, Arab Bank and Arab Energy Fund.

Selected by an independent panel of industry experts, the IFGlobal Awards “recognize landmark developments and the organizations that contributed to the delivery of greenfield projects in the infrastructure and energy space, as well as refinance activity.”