Acwa Power, in partnership with HAU Energy, a subsidiary of Hassan Allam Utilities, has reached financial close for the 1.1GW Suez Wind Farm in Egypt. The project secured a senior debt facility of US$703.6 million, arranged by a consortium of international financial institutions.
These include the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), British International Investment Corporation, German Investment Corporation, OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). EBRD's contribution included a B-loan structure facilitated by Standard Chartered Bank and Arab Bank. Situated in the Gulf of Suez and the Gabal El-Zeit area, the wind farm represents an overall investment of US$1.2 billion. Acwa Power holds a 70% stake in the project, while HAU Energy owns the remaining 30%.
