Egypt’s 1.1GW Suez Wind Energy project led by Saudi Arabia’s Acwa Power appears to be within touching distance of moving to the construction phase, with Acwa on 30 December announcing the completion of financing equivalent to 64% of the overall $1.1bn project cost.
Acwa, in a 30 December filing to Riyadh’s Tadawul exchange, says that ‘Suez Wind Energy’ has secured a 20-year, SAR2.638bn ($700mn) loan from “a syndicate of Development Financial Institutions,” namely the EBRD ($275mn), African Development Bank ($170mn), British International Investment, DEG - Deutsche Investitions, the Opec Fund for International Development and Apicorp. The cash will “fund the development, construction, and operation & maintenance” of the 1.1GW project, Acwa says. (CONTINUED - 623 WORDS)
