PHOTO
Wind turbines, which generate renewable energy, are seen on the Zafarana Wind Farm in Suez. Amr Dalsh, Reuters Image used for illustrative purposes.
ACWA Power Co. has secured funding of 2.6 billion Saudi riyals ($692.05 million) for a 1,100 megawatt (MW) wind power plant in Suez, Egypt.
The funding was secured from the European Bank for Reconstruction and Development (EBRD), African Development Bank, British International Investment, DEG - Deutsche Investitions, OPEC Fund for International Development and Arab Petroleum Investments Corporation, the company said in a statement published on the Saudi stock exchange on Tuesday.
Standard Chartered Bank and Arab Bank also funded the senior debt through EBRD’s B loan structure.
The loan, which has a tenure of 20 years, will be used for the development, construction, as well as operation & maintenance of the plant in Egypt.
(Editing by Brinda Darasha; brinda.darasha@lseg.com)
