{"id":613776,"date":"2024-01-21T00:00:00","date_gmt":"2024-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/acwa-powers-kom-ombo-solar-plant-to-finish-construction-by-april-2024-plus-msme-financing-gb-auto-loan-chinese-investment-indrive-cargas\/"},"modified":"2024-01-21T00:00:00","modified_gmt":"2024-01-21T00:00:00","slug":"acwa-powers-kom-ombo-solar-plant-to-finish-construction-by-april-2024-plus-msme-financing-gb-auto-loan-chinese-investment-indrive-cargas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/acwa-powers-kom-ombo-solar-plant-to-finish-construction-by-april-2024-plus-msme-financing-gb-auto-loan-chinese-investment-indrive-cargas\/","title":{"rendered":"ACWA Power\u2019s Kom Ombo solar plant to finish construction by April 2024. PLUS: MSME financing, GB Auto loan, Chinese investment, InDrive + Cargas"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ACWA Power\u2019s Kom Ombo <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ebf21fb-3f6b-40ff-8ee9-c3971b02df93\" style=\"\" rel=\"noopener\">solar plant<\/a><\/strong><strong> is nearing completion:<\/strong> The 200-MW solar plant being built in Upper Egypt is now 82% complete and is expected to be completed by April 2024 at an investment cost of USD 168 mn, according to a cabinet statement yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A quarter of local banks\u2019 loan portfolios will have to go to MSMEs this year:<\/strong>The central bank has extended the measure requiring banks to make micro, small, and medium enterprises\u2019 (MSMEs) share of their loan portfolios no less than 25% for another year, until 31 December, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1639.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The central bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7420e90-5525-412d-b387-055a9c82e644\" style=\"\" rel=\"noopener\">first announced<\/a> the requirement in 2021 as part of its financial inclusion strategy, which includes SME support as one of its key pillars.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>GB Auto is getting an EGP 1.2 bn facility:<\/strong> GB Corp\u2019s automotive assembly anddistribution unit GB Auto has inked an EGP 1.2 bn long-term financing agreement with a banking consortium led by Banque Misr that includes HSBC Egypt and aiBank, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1634.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The funding will help the company fund a car assembly factory in Sadat City. The facility will cover 60% of the estimated cost of the project, which amounts to around EGP 1.9 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China\u2019s <\/strong><strong><a target=\"_blank\" href=\"http:\/\/www.vanwardchina.com\/\" style=\"\" rel=\"noopener\">Guangdong Vanward New Electric<\/a><\/strong><strong> break ground on a USD 12 mn factory<\/strong><strong> for home appliances and <\/strong><strong>heat exchangers<\/strong> in the TEDA industrial zone in Ain Sokhna on Thursday, according to an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0bUAVmetvwk8XjoKtSm4D9hoVjqZAqo89EfQi4aydMEbDiYjYvLCt9qoodf4Sh8J8l\" style=\"\" rel=\"noopener\">statement<\/a>. The factory seeks to produce 500K water heaters and 2 mn spare parts annually. Construction is slated to wrap up within 9 months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expect more Chinese investments soon:<\/strong> The SCZone is planning another roadshow in China in May to drum up investments from the country, SCZone chief Walid Gamal El Din said during a speech at the factory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>InDrive teams up with Cargas to convert cars to natural gas:<\/strong> State-own gas company Cargas has inked a cooperation protocol with ride-hailing app InDrive to encourage its drivers to turn their combustion engine vehicles into vehicles that run on natural gas, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid029ynZGv9eB1TZsudU41r5p3yfvQzXTymiTHotcFgYgsxnm89xLZA8r8NSj2LKmeNyl\" style=\"\" rel=\"noopener\">Oil Ministry readout<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 200-MW solar plant being built in Upper Egypt is now 82% complete<\/p>\n","protected":false},"author":1,"featured_media":613777,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[1042,111,144,116,88,72,241,6543,6658,131,151,6702,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-acwa-power","tag-also-on-our-radar","tag-automotive","tag-china","tag-debt-watch","tag-enterpriseam","tag-gb-auto","tag-gb-corp","tag-indrive","tag-manufacturing","tag-renewables","tag-sczone","tag-smes","wpautop","entry"],"acf":{"mongo_id":"fab4ba07-8bca-472f-93cd-defc8860fa54","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1668.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ACWA Power\u2019s Kom Ombo solar plant to finish construction by April 2024. 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The loan would comprise USD 40 mn in senior debt financing\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592030,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/acwa-power-to-reach-financial-close-for-200-mw-kom-ombo-plant-in-1q2020\/","url_meta":{"origin":613776,"position":2},"title":"Acwa Power to reach financial close for 200 MW Kom Ombo plant in 1Q2020","author":"enterpriseam admin","date":"24 December 2019","format":false,"excerpt":"Acwa Power plans to reach financial close on its USD 200 mn, 200 MW solar power plant in Kom Ombo in 1Q2020, regional director Hassan Amin told the local press. The plant is being financed by unnamed international funders that Amin did not name. The power plant is sought to\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599903,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/egypt-vets-six-offers-from-companies-to-develop-kom-ombo-solar-plant\/","url_meta":{"origin":613776,"position":3},"title":"Egypt vets six offers from companies to develop Kom Ombo solar plant","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"The Egyptian Electricity Transmission Company (EETC) is vetting six offers from energy companies to develop a 200 MW solar power plant in Kom Ombo in Upper Egypt, company sources said yesterday. ACWA Power Egypt, Scatec Solar and India\u2019s FRV are competing for the project, alongside three consortiums \u2014 one comprised\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565674,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/kom-ombo-solar-plant-and-green-cities-to-get-ebrd-funding\/","url_meta":{"origin":613776,"position":4},"title":"Kom Ombo solar plant and green cities to get EBRD funding","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"Kom Ombo solar plant to get USD 114 mn financing package from the EBRD and Co: ACWA Power was awarded a USD 114 mn financing package for its 200 MW Kom Ombo solar power plant by the European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development, African\u2026","rel":"","context":"In &quot;SPEED ROUND: INFRASTRUCTURE&quot;","block_context":{"text":"SPEED ROUND: INFRASTRUCTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":617421,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/21\/acwas-solar-plant-named-ijglobals-energy-transition-transaction-of-the-year\/","url_meta":{"origin":613776,"position":5},"title":"ACWA\u2019s solar plant named IJGlobal\u2019s energy transition transaction of the year","author":"enterpriseam admin","date":"21 March 2024","format":false,"excerpt":"Kom Ombo solar recognized: ACWA Power\u2019s 200-MW Kom Ombo solar plant was named IJGlobal\u2019s Africa 2023 Energy Transition Transaction of the Year, according to a statement. 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