Phoenix Power1 (IFC-37591)

  • Egypt
Geographic location 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
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
Jul 20, 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.
Phoenix Power 1 SAE
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)
Not Disclosed
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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 22, 2017

Disclosed by Bank May 4, 2016

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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.
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
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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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 You can learn more about the CAO and how to file a complaint at

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