Synergy Consulting, Inc., is honored and delighted to support the “Kom Ombo Solar PV Project, Egypt” as the Lead and Financial Advisor for the procurement to Egyptian Electricity Transmission Company (EETC)
“Deal of the Year” award at IJ Global 2023 Awards
The award ceremony took place in The Peninsula Hotel, London, on March 6, 2024.
Synergy Consulting, Inc. acted as the Lead & Financial Advisor to Egyptian Electricity Transmission Company (EETC) for the procurement of 200 MW Kom Ombo Solar PV Project in Kom Ombo, Aswan Governate, Egypt.Baker Mckenzie and Sargent & Lundy acted as the Legal and Technical Advisors on the Project, respectively.
The advice was facilitated by the European Bank for Reconstruction and Development (EBRD)
The Project is the first Solar PV project tendered under the Public Private Partnership Law and is aligned with the Egyptian government’s aim to produce 42% of the country’s electricity from renewable energy sources by 2035 with the lowest tariffs in Africa.
The Project will be built under Build-Own- Operate (BOO) with the capacity of 200 MW and EETC is the Offtaker of the Project.
This landmark project is expected to serve as a model for bankable and sustainable IPPs in Egypt.
ACWA Power emerged as the successful bidder during the tender process with the lowest tariff of USD 2.47 cents/kWh and successfully completed the negotiations & signing of the Project Agreements with EETC.
The utility-scale plant successfully achieved financial close in Q2 of 2023 and is scheduled to commence operations in 2024.
Synergy Consulting provided the following services as part of the mandate:
• Assisted in bid evaluation and issuing clarifications to the bidders on various commercial, financial, legal, and technical aspects of the bid submissions along with the other advisors;
• Assisted in selection of preferred bidder and negotiation with the preferred bidder on all aspects of the Project;
• Supported EETC in finalisation of the Project Agreements;
• Assisted EETC in meeting its condition precedents under the Project Agreements;
• Coordinated with EETC to support the developer to achieve financial close of the Project; and
• Delivered various trainings on tender process, tariff structuring, risk allocation, and contract management to EETC personnel
Synergy actively works with all our clients on the shared goal of Energy Transition. We support the aspirations of countries to develop renewable energy.
Synergy is deeply thankful to IJ Global & expresses gratitude for this recognition.
Synergy thanks all stakeholders, including our clients and financial and private participants and government institutions, for their continued support and trust in making Synergy the Partner of Choice.
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