Saudi developer ACWA Power has reached financial close with the Egyptian government for the development, construction, and operation of three photovoltaic projects worth USD 190 mn and set for peak total output of 165.5 megawatts peak at the Benban complex in Upper Egypt’s Aswan, Invest-Gate reports.

Out of the USD 190 mn, 75% will be financed through a non-recourse project debt from the European Bank for Reconstruction and Development and the Industrial and Commercial Bank of China.

The Multilateral Investment Guarantee Agency is covering the remaining 25% of the project’s cost which is financed with equity capital.

The construction of the three power plants will begin in Q1 2018 and the projects will be operational by Q4 2018. The projects will power 80,000 houses and will save 156,000 tons of CO2 per year, the company said.