Taqa Arabia Solar (IFC-37637)

Countries
  • 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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
Borrower
Taqa Arabia Company S.A.E.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 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.
Project Cost (USD)
$ 75.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 22, 2017

Disclosed by Bank May 5, 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 MWac photovoltaic (PV) plant being developed by TAQA Arabia (the sponsor) as part of Round 2 of the Egyptian Government feed-in-tariff (FiT) scheme for domestic solar PV and wind energy projects. TAQA Arabia is currently owned by Qalaa Holdings (previously known as Citadel Capital) which IFC has existing investments with. This sponsor will own the project company “TAQA Arabia Solar Energy S.A.E.”, and has selected Sterling & Wilson as the Engineering, Procurement, and Construction (EPC) and Operations and Maintenance (O&M) contractor. The total project cost is approximately US$75-80 million with an IFC A loan of US$15-20 million and syndications of up to US$45 million, and the balance covered by equity.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
The total project cost is approximately US$75-80 million with an IFC A loan of US$15-20 million and syndications of up to US$45 million, and the balance covered by equity.

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.
Company Contact Information Eng. Adham Abubakr Business Development Manager 57 Cornish El Nile- Maadi- Cairo- Egypt. +(202) – 25260900 – Ext. 322 Fax: +(202) – 25260911 Mob.: +(2) – 01227799262 adham.abubakr@taqa.com.eg www.taqa.com.eg 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/

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