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

Countries
  • Egypt
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 8, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
KLP Norfund Investments AS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 24.09 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
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
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*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/

How it works

How it works