Generation
Posted By OrePulse
Published: 31 Dec, 2024 08:34
Saudi-listed ACWA Power secures $692mln for wind power plant in Egypt
ACWA Power Co. has secured funding of 2.6 billion Saudi riyals ($692.05 million) for a 1,100 megawatt (MW) wind power plant in Suez, Egypt.
The funding was secured from 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, the company said in a statement published on the Saudi stock exchange on Tuesday.
Standard Chartered Bank and Arab Bank also funded the senior debt through EBRD’s B loan structure.
The loan, which has a tenure of 20 years, will be used for the development, construction, as well as operation & maintenance of the plant in Egypt.
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