Original disclosure @ MIGA website
Updated in EWS Nov 2, 2022
Disclosed by Bank Sep 28, 2022
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According to bank provided information, the Multilateral Investment Guarantee Agency ("MIGA") a member of the World Bank Group (WBG), issued on May 18, 2022, a guarantee of US$98.3 million covering a tranche of bond issuance by Virto Finance, S.A.R.L, as part of the US$334.5 million refinancing plan for six photovoltaic (PV) power plants operating in Benban PV Solar Power Farm, namely Aswan PV Power SAE, Kom Ombo for Renewable Energy SAE, Daraw Solar Power SAE, Upper Egypt Solar Power SAE, Zafarana Solar Power SAE, and Red Sea Solar Power SAE, developed under the Round 2 Solar Feed-in-Tariff Program (FiT Program) in the Arab Republic of Egypt (the Projects). The Projects are currently owned by three sponsors, i.e. Scatec Solar ASA, Africa 50 and Norfund.
MIGA coverage was provided for a period of 19 years against the risks of Breach of Contract, Expropriation, Transfer Restriction and Inconvertibility, and War & Civil Disturbance. The bond tranche that is covered by MGA also benefits from a Liquidity Support Facility provided by the European Bank for Reconstruction and Development (EBRD).
The six project enterprises are currently operational and are located in the Benban Solar Park in the Aswan Governorate, in the Upper Egypt Region. Previously, MIGA issued guarantees amounting US$ 76.43 million on March 2020 to Scatec Solar ASA, and on June 2020 to KLP Norfund Investments AS, covering 90% of their equity investments in the Projects against the risks of Transfer Restriction and Inconvertibility for up to 15 years.
*Contact information not provided at the time of disclosure*
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF IFC/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