This project provides financing to Al Subh Solar Power S.A.E for the development, financing, construction, testing, commissioning, operation and maintenance of a 50MWac solar PV power plant located in Benban Solar Park.
This project is part of the larger Egypt Round II Solar PV Feed-in Tariffs Program, consisting of 11 photovoltaic solar power plants, 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 sponsoring companies and all output generated 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.
The Project cost is up to US$70-75 million. The Bank is considering a senior loan of up to $17.5-19 USD million. The Project will be co-financed by IFC and other lenders for up to $41 USD million, and the balance will be covered by equity.
The Project is being developed by Al Subh Solar Power S.A.E. (the Borrower), a special purpose vehicle owned by a joint venture between Acciona Energía Global (50%) and Enara Bahrain (50%) (consisting of Swicorp, KCC Corporation and the Shoaibi Holdings).
Asian Infrastructure Investment Bank (AIIB):
Ms. Carmen de Castro
Project Team Leader / Investment Operations Specialist
Company: Acciona Energía
Point of Contact: Mr. Juan Cruz Mendezona
Title: Financing Director
Telephone Number: + 34 916 576 461
Avda. de Europa, 10. Parque Empresarial La Moraleja
28108 Alcobendas (MADRID). Spain
Point of Contact: Mr. Iheb Triki
Title: Vice President
Telephone Number: +216 70 015 400
Immeuble Lira, rue de La Bourse
Les Jardins du Lac
1053 Tunis, Tunisia
Tel: +216 70 015 400
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
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.