ACWA Power holds a 70% effective shareholding in the project company Suez Wind Energy. Credit: travellight/Shutterstock.

Saudi Arabia-based ACWA Power has secured senior debt facilities, worth SAR2.638bn ($701.9m), to finance a 1.1GW wind power plant in the Gulf of Suez region, Egypt.

A consortium of Development Financial Institutions, including the European Bank for Reconstruction and Development, African Development Bank, British International Investment, DEG – Deutsche Investitions, OPEC Fund for International Development, and Arab Petroleum Investments Corporation, has provided the senior debt financing facilities for the project.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Standard Chartered Bank and Arab Bank also contributed to the senior debt via the European Bank for Reconstruction and Development B loan structure.

The fund will be provided over a 20-year period.

This financing follows a 25-year power purchase agreement signed between ACWA Power Consortium and Egyptian Electricity Transmission Company (EETC), with a total investment value of $1.5bn to develop the 1.1 GW wind power plant.

The project, under the Build, Own, Operate model, will supply power to Egypt’s unified national grid, with EETC as the sole off-taker.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

ACWA Power will lead development, financing, engineering, construction, operation, and maintenance of the plant.

ACWA Power holds a 70% effective shareholding in the project company Suez Wind Energy.

Earlier this week, ACWA Power also entered the Chinese market, securing over 1GW of renewable energy projects in collaboration with Chinese renewable partners.

The portfolio in China includes multiple solar PV and wind projects and will be partially or fully owned by ACWA Power, alongside other partners across various provinces.

The company is in the advanced stages of completing these investments, marking a step in ACWA Power’s expansion into the Chinese energy market and establishing a foundation for future growth.

Last month, the company secured senior debt facilities worth $238m to finance the Absheron-Khizi 240MW wind farm in the Republic of Azerbaijan during COP 29.