Data News > ACWA Power Secures Financing for Egypt’s Wind Power Plant

ACWA Power Secures Financing for Egypt’s Wind Power Plant

By KlickAnalytics Data Insights  |   December 31, 2024 09:00AM ET

- ACWA Power signs financing documents for Egypt’s Wind Power Plant in Suez for 20 years
- Funding of SAR 2.63 billion obtained from various organizations including EBRD, African Development Bank

In a recent development, ACWA Power Company has successfully finalized the financing documents for Egypt’s Wind Power Plant located in Suez on 30 December 2024, with a duration of 20 years. The Saudi-listed company has secured SAR 2.63 billion in funding from a consortium of organizations which includes the European Bank for Reconstruction and Development (EBRD), African Development Bank Group, and British International Investment, among others. The project has a capacity of 1,100 MW, with a total investment cost of SAR 4.13 billion. ACWA Power’s shareholding in the project company stands at 70%.

The financing guarantees are limited to the company’s equity bridge loan and standby equity and development. Earlier in the year, ACWA Power and Saudi Arabia’s Public Investment Fund (PIF) were revealed as major investors in Egypt. Furthermore, during the first nine months of 2024, the company reported higher net profits reaching SAR 1.25 billion.

This investment highlights ACWA Power’s commitment to renewable energy projects and its strategic partnership with various international organizations for sustainable development initiatives. The successful funding arrangement for the Wind Power Plant in Egypt is expected to contribute significantly to the country’s renewable energy targets and further strengthen ACWA Power’s position as a key player in the energy sector.
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