Egypt Round II Solar PV Feed-in Tariffs Program: Enara SunEdison (AIIB-000042)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 4, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Enara SunEdison S.A.E.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 210.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 13, 2019

Disclosed by Bank Mar 29, 2019


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Project Description

Egypt Round II Solar PV Feed-in Tariffs Program (the Project) consists of 11 photovoltaic solar power plants (the Sub-projects), 9 x 50MWac and 2 x 20MWac, all to be located in the Benban Solar Park near Aswan, with an aggregate power generation capacity of 490MWac. The solar power plants will be developed by different Sponsors and all output generated will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement.

This project entails the development, financing, construction, testing, commissioning, operation and maintenance of a 50MWac solar PV power plant located in Benban Solar Park. All output generated by the Project will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement.

This project will apply the IFC’s Policy on Environmental and Social Sustainability, including the relevant Performance Standards.

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
  • International Finance Corporation (IFC)

Working as the core lender with co-financiers in a syndicate, the Bank may provide up to US$210 million long-term debt financing on a limited-recourse senior secured project finance basis allocated to all eleven solar power plants.

Private Actors

The Project is being developed by Enara SunEdison S.A.E. (the Borrower), a special purpose vehicle owned by a joint venture between Acciona Energía Global (38%), Enara Bahrain (38%) (consisting of Swicorp, KCC Corporation and the Shoaibi Holdings) and TBEA Xinjiang SunOasis (24%), collectively, the Sponsors.

Contact Information

Asian Infrastructure Investment Bank (AIIB):
Ms. Carmen de Castro
Project Team Leader / Investment Operations Specialist
E-Mail: carmen.decastro@aiib.org

Sponsors
Company: Acciona Energía
Point of Contact: Mr. Juan Cruz Mendezona
Title: Financing Director
Telephone Number: + 34 916 576 461
Email: juancruz.mendezona.goyarzu@acciona.com
Mailing Address
Avda. de Europa, 10. Parque Empresarial La Moraleja
28108 Alcobendas (MADRID). Spain
Website: http://www.acciona-energia.com

Company: Swicorp
Point of Contact: Mr. Iheb Triki
Title: Vice President
Telephone Number: +216 70 015 400
Email: itriki@swicorp.com
Mailing Address
SWICORP
Immeuble Lira, rue de La Bourse
Les Jardins du Lac
1053 Tunis, Tunisia
Tel: +216 70 015 400

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

AIIB OVERSIGHT MECHANISM
In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB’s policies, “people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank’s oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism.” However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.