Falcon Ma'an for Solar Energy LLC (MIGA-3532)

Countries
  • Jordan
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
Proposed
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
Feb 27, 2017
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
Enerray Global Solar Opportunities Inc.</br>Desert Technologies Ltd.
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 Amount (USD)
$ 5.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Dec 5, 2017

Disclosed by Bank Jan 12, 2017


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

Project Description
Project description This summary covers applications by Enerray Global Solar Opportunities Inc. of the United States (EGSO) and Desert Technologies Industries Ltd. (DT) of Saudi Arabia requesting coverage for their shareholder loan/quasi-equity investments into the Falcon Ma'an for Solar Energy LLC project in Jordan. The investments have been made through Falcon Ma'an Solar Holding BV, a joint venture company incorporated in the Netherlands and 50 percent owned by EGSO and DT. The investors seek cover for up to US$6 million against the risks of transfer restriction, war and civil disturbance, and breach of contract for a tenor of up to 15 years. The project consists of the development, construction, operation, and maintenance of a 21 megawatt (MWac) solar photovoltaic power plant in the Ma'an Development area, located approximately 200km southwest of Amman, Jordan. The electricity generated will be sold to the National Electric Power Company (NEPCO) under a 20-year Power Purchase Agreement (PPA). Environmental Categorization The project is a category B under MIGA's Policy on Environmental and Social Sustainability. Development Impact The project will generate over 40GWh per annum of clean energy serving approximately 20,000 households, based on an estimated per capita consumption of 2,100 kWh. The project is expected to enhance Jordan's energy security and diversify its energy sources away from polluting thermal generation through the use of a clean, abundant, and domestic resource. Assuming an energy yield of about 1950 kilowatt-hour per kilowatt-peak (kWh/kWp), the project will be offsetting the emission of 26,100 tons of carbon dioxide equivalent (CO2eq) of greenhouse gases per year. The project will also help create direct and indirect employment opportunities in a country with high unemployment.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
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/