Saudi Arabia’s ACWA Power has successfully secured $692 million in funding for a major wind power project in Egypt. The funds will be used to develop, build, and operate a 1,100 MW wind power plant in Suez, marking a significant boost for renewable energy in the region.

The financing was provided by several international institutions, including the European Bank for Reconstruction and Development (EBRD), the African Development Bank, British International Investment, DEG – Deutsche Investitions, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation. Additionally, support was extended by Standard Chartered Bank and Arab Bank through EBRD’s B loan structure.

The loan agreement, which has a 20-year tenure, was revealed in a statement from ACWA Power on the Saudi stock exchange. This project underscores ACWA Power’s commitment to expanding renewable energy initiatives across the region.

Source: Zawya