Saudi-listed ACWA Power has obtained $692 million (2.6 billion Saudi riyals) to fund a 1,100-megawatt wind energy initiative in Egypt’s Suez area.
This financing is backed by a group of international and regional organizations, such as 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.
Additionally, Standard Chartered Bank and Arab Bank contributed to the funding by providing senior debt through the EBRD’s B-loan framework, as stated by the company on Tuesday via the Saudi stock exchange.
The loan, which spans 20 years, will support the development, construction, and continuous operation and maintenance of the wind farm, a vital project for enhancing renewable energy infrastructure in Egypt.
In a separate announcement, ACWA Power revealed that its 1,500 MW Sirdarya Combined Cycle Gas Turbine (CCGT) Independent Power Project in Uzbekistan has commenced full commercial operations.
Situated in Shirin City within the Sirdarya region, the facility has received its commercial operation certificate and is now fully functional, according to the company’s report.
ACWA Power’s expanding portfolio underscores its role as a prominent regional utility firm, focusing on the development, investment, and management of power generation, renewable energy, and desalination projects.
Source :Zawya
