Phoenix Power1 (IFC-37591)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
Jul 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
Phoenix Power 1 SAE
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)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 22, 2017

Disclosed by Bank May 4, 2016

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Project Description
The project is a greenfield 50 MW photovoltaic (PV) plant for the company “Phoenix Power 1 SAE” as part of Round 2 of the Egyptian Government feed-in-tariff (FiT) scheme for domestic solar PV and wind energy projects. “Phoenix Power 1 SAE” is a Special Purpose Vehicle (SPV) owned by a consortium constituted of Phoenix Power Venture SAL (lead sponsor with 51% shareholding, the “Sponsor”), Infinity Solar Energy SAE (23.8% shareholder), ib vogt GmbH (23.8% shareholder), and Cedrus Enterprises Holding SAL (1.4% shareholder). Phoenix Power Venture is a subsidiary of the Indevco Group which IFC has existing investments with. This SPV constitutes the project sponsors which will own the company “Phoenix Power 1 SAE” to develop the project. The Sponsor has selected ib vogt GmbH as the Engineering, Procurement, and Construction (EPC) and Operations and Maintenance (O&M) contractor. Infinity Solar and ib vogt JV consortium is currently constructing another solar facility in the Benban PV solar park under FiT Round 1 with the same EPC and O&M contractor ib vogt GmbH. The total project cost is up to US$75-80 million with an IFC A loan of up to US$15-20 million and syndications of up to US$45 million, and the balance to be covered by equity.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company Contact Information Unknown Accountability Mechanism of the IFC 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/