Egypt Round II Solar PV Feed-in Tariffs Program: Winnergy for Renewable Energy Projects (AIIB-00048)

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
Winnergy for Renewable Energy Projects 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)
Equity, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 14.00 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)
$ 40.00 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 May 19, 2019

Disclosed by Bank Apr 29, 2019


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Project Description

According to bank documents, the Project entails the development, financing, construction, testing, commissioning, operation and maintenance of a 20MWac 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.

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

T

Private Actors
  • Winnergy for Renewable Energy Projects S.A.E. -- Implementing Company

The Project is being developed by Winnergy for Renewable Energy Projects S.A.E. (the Borrower), a special purpose vehicle owned by a joint venture between Al Tawakol Electrical (Gila) S.A.E. (51%), Enerray S.p.A. (25%), Desert Technologies Industries Co. Ltd. (15%), Spectrum International for Renewable Energy LLC (8%) and others (1%), 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: Altawakol Electric Gila
Point of Contact: Mohamed Tawakol
Address: 33 26th of July st, Cairo, Egypt
Email: Solar@altawakol.com
Phone: 00 202 25784004

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

ACCOUNTABILITY MECHANISM OF AIIB


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.