According to bank documents, the 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.
The Project cost is up to $70-75 USD 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 Phoenix Power 1 S.A.E. (the Borrower), a special purpose vehicle owned by a joint venture between Phoenix Power Venture SAL (51%), Infinity Solar Energy SAE (23.8%), Ib Vogt GmbH (23.8% shareholder) and Cedrus Enterprises Holding SAL (1.4% shareholder), collectively, the Sponsors.
Asian Infrastructure Investment Bank (AIIB):
Ms. Carmen de Castro
Project Team Leader / Investment Operations Specialist
Company: Phoenix Power Venture
Safra, Keserwan – Lebanon
P.O. Box: 11-2354 Beirut – Lebanon
Company: Infinity Solar Energy
57, Nile Kornish St., 9th floor
Maadi 11431, Cairo, Egypt
Tel : (+202) 2528 2240 / 3347 / 2234
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
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.