is an important step to reducing carbon emissions and addressing climate change. This is in line with the EBRD’s strategy to become a majority green bank by 2025. This project also marks the EBRD’s first co-financing project with the AfDB and the OPEC Fund in Egypt and we look forward to future joint investment opportunities for our institutions across Africa.” OPEC Fund Director-General Abdulhamid Alkhalifa said: “We are pleased to contribute to Egypt’s efforts and strategy to expand its generation capacity in the renewable energy space. We have been at the forefront of advocating for access to affordable clean energy for many years. Kom Ombo will be our third project with ACWA Power and it exemplifies great cooperation between government, development finance and private sector actors.” Paddy Padmanathan, President and Chief Executive Officer of ACWA Power, said: “ACWA Power is privileged and proud to lead the realization of the Kom Ombo PV project. The financing package signed today brings us closer to not only the people and the government of Egypt, but also to our finance partners, the EBRD, AfDB, the OPEC Fund, the GCF and Arab Bank and APICORP, reflecting our shared objective of supporting the energy transition to address the threat of climate change.”
Kom Ombo will be our
third project with ACWA Power and it exemplifies great cooperation
between government,
development finance and private sector actors.
OPEC Fund Director-General Abdulhamid Alkhalifa
“ 24
The Egyptian
government aims to generate
42%
of the country’s electricity from renewable energy sources by 2035
(*) A joint press release was issued at the signing ceremony:
https://bit.ly/3dDKNlm
PHOTO: Jak76/
Shutterstock.com
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