Saudi firm Acwa Power has reached financial close for three solar PV power plants totalling 120MW, to be built in the solar park under development at Benban in southern Egypt. Acwa aims to start construction by March with a view to Q4 start-up.

Acwa says it will finance, build, own and operate the projects, which require investment of $190mn. Some 75% is to come via non-recourse project debt from Europe’s EBRD development bank ($71mn) and Chinese state bank ICBC.

EBRD jump-started...