ACWA Power obtains financing of $123 million for an energy project in Egypt

ACWA Energy obtains financing of $123 million for an vitality mission in Egypt

World By Aug 30, 2023 No Comments

Saudi Arabia’s ACWA Energy introduced right now, Wednesday, that it has secured $123 million in 20-year financing, attaining monetary shut for a 200-megawatt photovoltaic (PV) mission in Kom Ombo, southern Egypt.

The corporate stated in an announcement posted on the Saudi Tadawul Group web site that the funding donors are the European Financial institution for Reconstruction and Growth, the OPEC Fund for Worldwide Growth, the African Growth Financial institution, the Inexperienced Local weather Fund, the Sustainable Vitality Fund for Africa and the Arab Financial institution.

At a worth of 6.1 billion riyals… finishing the monetary closure of the Shuaiba photo voltaic vitality tasks

The corporate added that the funding value is $182 million, of which 68% is with out recourse to the homeowners.

The corporate indicated that the ensures supplied in return for the financing are represented in a restricted assure on the bridge mortgage, in proportion to ACWA Energy’s share in protecting the debt account.

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