Taqa Arabia Solar (IFC-37637)

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.
Borrower
Taqa Arabia Company S.A.E.
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 5, 2016


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Project 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
  • International Finance Corporation (IFC)
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
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/