Riyadh – Sharikat Mubasher: Saudi-listed ACWA Power obtained 2.6 billion Saudi riyals ($692.05 million) in funding to develop a 1,100 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, as per the company’s statement published on the Saudi stock exchange on Tuesday.

The company pointed out that the investment cost is estimated at SAR 4.13 billion, with the company holding a 70% stake.

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. 

The loan will support the plant's development, construction, and ongoing operation and maintenance, reinforcing Egypt’s renewable energy goals.