May 11, 2021
Latham & Watkins advised The European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (the OPEC Fund), the African Development Bank (AfDB), and Arab Bank on a US$114 million financing package, also involving financing from the Green Climate Fund (GCF), for the construction of ACWA Power Kom Ombo solar power
plant, the largest private solar plant in Egypt, Aswan Province. This is in
addition to equity bridge loans of up to US$14 million from EBRD and US$33.5
million from Arab Petroleum Investments Corporation (APICORP).
The development of the Kom Ombo solar plant
will add 200 MW of energy capacity, increasing the share of renewable energy in
Egypt’s energy mix and further promoting private-sector participation in the
Egyptian power sector.
The Kom Ombo plant will contribute to the
Egyptian government’s target to generate 42 per cent of the country’s
electricity from renewable energy sources by 2035 while delivering one of the
lowest generation tariffs in Africa.
The Latham team was led by London finance
partner David Ziyambi, Dubai counsels Derek McKinley and Marc Makary, and
London associates Charlotte Hawkins and Chidi Onyeche. London finance partner
Chirag Sanghrajka and London associate Neha Siddiqui advised the equity bridge