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

  • Jordan
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Feb 27, 2017
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.
Enerray Global Solar Opportunities Inc.</br>Desert Technologies Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • 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, this amount is converted to USD ($) on the date of disclosure. 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
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.
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
Here you can find a list of individual development financial institutions that finance the project.

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.
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