Actis South Africa Solar (MIGA-14421,14422)

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)
$ 45.00 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 17, 2019

Disclosed by Bank May 28, 2019


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Project Description

According to bank documents, this summary covers an application made by Okavango Biology Mauritius Limited of Mauritius to cover equity and shareholder loan investments totaling up to US$45 million in two solar power plants, Konkoonsies II and Aggeneys, currently under construction in the Northern Cape of South Africa. Okavango Biology is a subsidiary company of the Actis Energy 4 LP fund, controlled by Actis of the United Kingdom. Coverage is being requested against the risks of Transfer Restriction and Inconvertibility, Expropriation, War and Civil Disturbance, and Breach of Contract.

The Project scope consists of the construction, ownership, operation, and maintenance of two solar power plants, which have a combined installed capacity of 132 MW. The electricity output will be sold to Eskom SOC under a 20-year power purchase agreement. The Project was awarded under Round 4 of the South African Renewable Energy Independent Power Producers Procurement program (REIPPP).

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/