Saudi-listed ACWA Power has secured $692 million (2.6 billion Saudi riyals) in funding for a 1,100-megawatt wind power project in Egypt’s Suez region.
The financing comes from a consortium of international and regional institutions, including the European Bank for Reconstruction and Development (EBRD), African Development Bank, British International Investment, DEG – Deutsche Investitions, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation.
Standard Chartered Bank and Arab Bank also participated in the funding, providing senior debt through the EBRD’s B-loan structure, the company announced in a statement on Tuesday on the Saudi stock exchange.
The loan, with a 20-year tenure, will finance the development, construction, and ongoing operation and maintenance of the wind farm, a critical project for advancing renewable energy infrastructure in Egypt.
Separately, ACWA Power announced that its 1,500 MW Sirdarya Combined Cycle Gas Turbine (CCGT) Independent Power Project in Uzbekistan has achieved full commercial operations.
Located in Shirin City, Sirdarya region, the plant received its commercial operation certificate and is now fully operational, according to the company’s filing.
ACWA Power’s growing portfolio highlights its position as a leading regional utility player, specialising in the development, investment, and operation of power generation, renewable energy, and desalination projects.
