Lekela Egypt Wind Power BOO S.A.E. (MIGA-14238)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • 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.
Bank Risk Rating
A
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
Jun 12, 2019
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
Lekela Power B.V.
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)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 122.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 8, 2019

Disclosed by Bank Nov 6, 2018


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Project Description

According to bank documents, on June 28, 2019, MIGA signed a contract issuing guarantees of US$122,000,000 to Lekela Egypt Holdings B.V. for its investment in the 250 MW Lekela Egypt Wind Power Build Own Operate (BOO) Project. The guarantees are issued for up to 20 years against the risks of Transfer Restriction and Inconvertibility, Expropriation, War and Civil Disturbance, and Breach of Contract.

The project is part of Egypt's BOO program. It consists of the design, development, construction, operation and maintenance of a greenfield wind independent power producer facility with an installed capacity of 252 MW located in the Gulf of Suez area, in Gebel El Zeit approximately 30km north-west of Ras Ghareb on the Red Sea, in Egypt.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
  • Lekela Egypt Wind Power BOO S.A.E. -- Implementing Company
  • Lekela Power B.V. -- Investor
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/