Actis South Africa Solar (MIGA-14421)

Countries
  • South Africa
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.
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
Jun 28, 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
Okavango Biology Mauritius Limited
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)
$ 17.10 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 Jun 11, 2020

Disclosed by Bank May 11, 2020


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Project Description

According to bank provided information, on December 19, 2019, the Multilateral Investment Guarantee Agency issued guarantees that will support the development, construction, operation, and maintenance of the Konkoonsies II and Aggeneys  solar photovoltaic (PV) power plants in the Republic of South Africa. 

The guarantees issued to Okavango Biology Luxembourg S.a.r.l, a wholly-owned subsidiary of the Actis Energy 4 LP Fund (AE4) (a private equity fund controlled by Actis of the United Kingdom), and totaling US$17.1 million, will cover 90 percent of the equity and quasi-equity/shareholder loan investments in the Project against the risks of Breach of Contract, Expropriation, Transfer Restriction & Currency Inconvertibility, and War & Civil Disturbance for a period of up to 15 years.

The Project consists of two solar PV energy generating facilities with combined total installed capacity of 132 megawatts (MW) located in the Northern Cape Province of South Africa. The solar plants will be approximately 60 kilometers apart, within the Khai-Ma Local Municipality of the Namakwa District Municipality. Aggeneys will build its own substation while Konkoonsies II will be connected to the existing Paulputs substation near Pofadder via a 600-meter 132 kilovolt transmission line. The Project was awarded through Round 4 of the South African Renewable Energy Independent Power Producers Procurement Program ( REIPPP). Once operational, the electricity generated from the plants will be sold to Eskom Holdings SOC Ltd, the state-owned public utility in South Africa, under 20-year Power Purchase Agreements (PPAs).

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
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/