Saudi Arabia’s ACWA Power has successfully secured $703 million [1] (SR2.63 billion) in financing to develop, operate, and maintain a 1,100-megawatt wind power plant in Egypt’s Suez governorate. The funding was sourced from a consortium of international financial institutions, including the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment, DEG Deutsche Investitions, the OPEC Fund for International Development, and Arab Petroleum Investments Corp.
The total investment cost for the wind power plant is estimated at SR4.13 billion, with ACWA Power holding a 70% stake in the project. The plant is expected to play a significant role in Egypt’s green energy ambitions, aiming to generate 42% of the nation’s electricity from renewable sources.
The financing agreement includes a 20-year loan tenure, and the project aligns with Egypt’s Nexus of Water, Food & Energy program, which targets a renewable energy capacity of 10 gigawatts. The wind power plant is anticipated to deliver renewable energy at a cost below conventional power generation, making it a cost-effective solution for Egypt’s energy needs.
ACWA Power’s involvement in this project underscores its commitment to supporting Saudi Arabia’s renewable energy strategy, which aims to generate 50% of the Kingdom’s power from green sources. The company’s operations span 13 countries, highlighting its global ambitions in the utility sector.
This project is part of ACWA Power’s broader strategy to expand its renewable energy portfolio and contribute to global sustainability efforts. The company recently announced its entry into the Chinese renewable energy market and launched several renewable projects in Uzbekistan.
Sources:
[1] ACWA Power secures $703m for Egyptian wind power plant
https://www.evwind.es/2024/12/31/acwa-power-secures-703m-for-egyptian-wind-power-plant/103568
