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.
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 applies the IFC’s Policy on Environmental and Social Sustainability, including the relevant Performance Standards.
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 TAQA Arabia for Solar Energy S.A.E. (the Borrower), a special purpose vehicle owned 100% by TAQA Arabia S.A.E. (100%), the Sponsor.
Asian Infrastructure Investment Bank (AIIB):
Ms. Carmen de Castro
Project Team Leader / Investment Operations Specialist
Company: TAQA Arabia
Point of Contact: Eng. Adham Abubakr
Title: Business Development Manager
Address: 57 Cornish El Nile- Maadi- Cairo- Egypt.
Tel: +(202) – 25260900 – Ext. 322
Fax: +(202) – 25260911
Mob.: +(2) – 01227799262
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.