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 2 January announcing financial close for the $1.2bn project.
Acwa, in a 30 December filing to Riyadh’s Tadawul exchange, detailed the key financing component with ‘Suez Wind Energy’ securing a 20-year, SAR2.638bn ($704mn) 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 - 615 WORDS)
