Arinna Solar Power SAE (MIGA-3621)

Countries
  • 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
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
Sep 20, 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 S.p.A.; Al Bilal Group for General Contracts 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 Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 7.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 48.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS May 29, 2018

Disclosed by Bank Aug 28, 2017


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Project Description

This summary describes proposed equity investments by Enerray S.p.A of Italy and Al Bilal Group for General Contracts Ltd of Iraq into Arinna Solar Power SAE. The investors have applied for a MIGA guarantee of US$7.0 million for up to 15 years against the risks of Transfer Restriction and Inconvertibility, Expropriation, War and Civil Disturbance, and Breach of Contract.

The project is part of Egypt's Feed-in-Tariff Round Two program. It consists of the design, development, construction, operation and maintenance of a greenfield solar IPP facility with installed capacity of 20MW located in the Benban solar PV park in the Aswan Governorate of Egypt.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)

This summary describes proposed equity investments by Enerray S.p.A of Italy and Al Bilal Group for General Contracts Ltd of Iraq into Arinna Solar Power SAE. The investors have applied for a MIGA guarantee of US$7.0 million for up to 15 years against the risks of Transfer Restriction and Inconvertibility, Expropriation, War and Civil Disturbance, and Breach of Contract.

Private Actors
Contact Information

*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/