Riyadh – Mubasher: ACWA Power Company has penned the financing documents for Egypt’s Wind Power Plant in Suez on 30 December 2024 for a duration of 20 years, according to a bourse filing.
The Saudi listed company is securing SAR 2.63 billion funding from different organisations, including a syndicate of the European Bank for Reconstruction and Development (EBRD), African Development Bank Group, British International Investment, DEG - Deutsche Investitions, OPEC Fund for International Development, and Arab Petroleum Investments Corporation, which recently rebranded to The Arab Energy Fund.
In addition, Standard Chartered Bank and Arab Bank also funded the senior debt through EBRD B loan structure.
With a capacity of 1,100 MW, the total investment cost of the project is SAR 4.13 billion. Meanwhile, ACWA Power’s effective shareholding in the project company is 70%.
ACWA Power noted that the guarantees for the funding are limited to the company’s equity bridge loan and standby equity and development.
Earlier in 2024, ACWA Power as well as Saudi Arabia’s Public Investment Fund (PIF) were announced as part of the entities investing in Egypt.
It is worth noting that during the first nine months (9M) of 2024, the Saudi listed company posted higher net profits at SAR 1.25 billion.
