Alcazar Solar 1 (IFC-37633)

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
Alcazar Energy Egypt Solar 1
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)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 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)
$ 75.00 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 @ 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 being developed by a joint venture between Alcazar Energy and Enerpal Consortium (together the sponsor). The sponsor will own the project company “Alcazar Energy Egypt Solar 1 SAE”. The Engineering, Procurement & Construction (EPC) Contractor will be an EPC joint venture (EPC JV) between TSK and Enviromena, who will also undertake the role of the Operations and Maintenance (O&M) contractor for this project. Environmena were established in Abu Dhabi in 2007, as the first downstream solar company in the Middle East and North Africa. TSK was established as a public company in 1986 and began working in the solar PV field in 2006. It has participated in projects with a capacity of 400MW in PV. The total project cost is up to US$ 70-75 million with an IFC A loan of up to US$ 15 million and syndications of up to US$ 42.3 million, and the balance covered by equity.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company Contact Information Vito Saluto Alcazar Energy South Tower, 802-03, Emirates Financial Towers, DIFC - PO Box 507122, Dubai, UAE vsaluto@alcazarenergy.com M. +971 52 104 22 93 T. +971 4 558 7805 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/