ACWA Power signs financing agreements worth 2.6 million riyals for a wind power plant in Egypt.

Aqua Power announced in a statement to the Saudi stock market (Tadawul) on Tuesday that it has concluded financing agreements for a wind power station in the Suez Governorate of Egypt with a production capacity of 1,100 megawatts, for a total value of 2.638 billion riyals over a period of 20 years. In addition, Aqua Power clarified that the total investment cost for the project amounts to 4.13 billion riyals, and the Saudi company's share in the project is estimated at 70%. Aqua Power also reported that a number of development financial institutions have provided core debt financing, including the European Bank for Reconstruction and Development, the African Development Bank, the British International Investment, the German Investment and Development Corporation, as well as the OPEC Fund for International Development and the Arab Petroleum Investments Corporation. Additionally, the core debt was financed by Standard Chartered Bank and Arab Bank through the financing structure "B" provided by the European Bank for Reconstruction and Development.