Norfund's Feed-in-Tariff Program projects in Egypt (MIGA-14517)

  • 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.
Project Status
Bank Risk Rating
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 8, 2020
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.
KLP Norfund Investments AS
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 24.09 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 5, 2020

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Project Description

According to bank provided information, this summary covers an application made by KLP Norfund Investments AS ("KNI AS") to cover its equity investment totaling up to US$27 million in six solar PV projects with a capacity of 65MW each ("the Projects"), namely Aswan PV Power S.A.E, Daraw Solar Power S.A.E, Kom Ombo for Renewable Energy S.A.E, Red Sea Solar Power S.A.E, Upper Egypt Solar Power S.A.E, and Zafarana Solar Power S.A.E, developed under the Feed-In Tariff Scheme in the Arab Republic of Egypt. MIGA coverage is being requested against the risks of Transfer Restriction and Inconvertibility for a tenure of up to 15 years.

The Project was awarded under the second round of Egypt's Feed-In Tariff Program and consists of the development, design, construction, operation and maintenance of the abovementioned six power plants. The Projects are currently operational and are located in the Benban Solar Park in the Aswan Governorate, in the Upper Egypt Region. The Projects represent a total investment of around US$ 446 million and were funded mainly by three sponsors, i.e. Scatec Solar ASA, Africa 50 and KLP Norfund Investments and by four International Finance Institutions, i.e. the European Bank for Reconstruction and Development, the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector and the Green Climate Fund.

Investment Description
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - KLP Norfund Investments Client -

Contact Information

*Contact information not provided at the time of disclosure*


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