Egypt Round II Solar PV Feed-in Tariffs Program: Al Subh Solar Power (AIIB-00041)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Specific Location
Benban Solar Park
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
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
Al Subh Solar Power S.A.E.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 19.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Feb 27, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

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.

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)

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.

Private Actors
  • Acciona S.A. -- Parent Company
  • Al Subh Solar Power S.A.E -- Implementing Company
  • Enara Bahrain -- Parent Company

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).

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.