The project, with a production capacity of 1100 megawatts, represents a major step toward renewable energy development in the region.
ACWA Power, a leading Saudi energy company, has signed financing agreements worth 2.64 billion SAR for the development, construction, operation, and maintenance of a wind power plant in Suez, Egypt. The project, with a production capacity of 1100 megawatts, represents a major step toward renewable energy development in the region.
In a statement released on the Saudi Stock Exchange (Tadawul) on Tuesday, ACWA Power revealed that the project’s total investment cost amounts to approximately 4.13 billion SAR. The company holds a 70% stake in the venture.
The financing for the project was provided by a consortium of development finance institutions, including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), British International Investment, the German Investment and Development Corporation (DEG), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP).
Additionally, the primary debt was structured with contributions from Standard Chartered Bank and the Arab Bank through a B-loan facility led by the EBRD.
ACWA Power also detailed the guarantees involved in the deal, which include limited guarantees for its share of the bridging loan, reserve liquidity, and development guarantees.
Earlier this year, a consortium led by ACWA Power and Egypt’s Hassan Allam Utilities secured the contract to develop the wind farm near Ras Ghareb, in the Gulf of Suez and Gebel El Zeit region.
