ACWA Power Co. has secured funding of 2.6 billion Saudi riyals ($692.05 million) for a 1,100 megawatt (MW)  wind power plant in Suez, Egypt.

The funding was secured from the European Bank for Reconstruction and Development (EBRD), African Development Bank, British International Investment, DEG - Deutsche Investitions, OPEC Fund for International Development and Arab Petroleum Investments Corporation, the company said in a statement published on the Saudi stock exchange on Tuesday.

Standard Chartered Bank and Arab Bank also funded the senior debt through EBRD’s B loan structure.

The loan, which has a tenure of 20 years, will be used for the development, construction, as well as operation & maintenance of the plant in Egypt. 

(Editing by Brinda Darasha; brinda.darasha@lseg.com)