The loan has a tenure for 20 years
ACWA Power Co. has secured funding of SAR 2.6bn (US$ 692.05mn) 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.
