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ACWA Power secures $692 million to build 1.1GW wind power plant in Egypt
Saudi Arabia expands its investment portfolio by securing $692.05 million in funding for Egypt's mega wind power project located in Suez.
[Source photo: Krishna Prasad/Fast Company Middle East ]
Saudi Arabia’s ACWA Power has secured $692.05 million in funding to develop a 1,100-megawatt (MW) wind power plant in Suez, Egypt. This project will involve the construction of a new fleet of wind turbines, similar to those at the Zafarana Wind Farm in Suez, to expand the region’s reliance on alternative energy sources for powering essential processes and trade.
The financing was provided by a consortium of institutions, including the European Bank for Reconstruction and Development (EBRD), African Development Bank, British International Investment, DEG – Deutsche Investitions, OPEC Fund for International Development, and Arab Petroleum Investments Corporation, as announced by the company in a statement to the Saudi stock exchange on Tuesday.
In addition, Standard Chartered Bank and Arab Bank participated in the senior debt financing through EBRD’s B loan structure. This 20-year loan will fund the plant’s development, construction, operation, and maintenance in Egypt.
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