Gestamp Solar 2 (IFC-37713)

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
Winnergy For Renewable Energy Projects 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)
$ 40.00 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)
$ 54.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
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 20 MW photovoltaic (PV) plant being developed by AlTawakol Electrical Company (GILA) S.A.E, X-ELIO Energy S.L and Spectrum International for Renewable Energy LLC (the sponsors). These sponsors will own the company "TK for Solar and Renewable Energy Systems SAE" which is developing the project. The selected EPC and O&M contractor for the project is a joint venture between Elecnor and Consolidated Contractors Company (the "JV Elecnor-CCC"). The total project cost is estimated at up to US$54 million with a proposed IFC A loan of approximately US$10 million and a B loan of up to US$30.4 million.The project will be located within Egypt's New and Renewable Energy Agency (NREA)'s 37.2 km2 Benban 1.8 GW PV solar park comprising 39 separate PV plots, situated 12 km west of the nearest village (Benban), and 15 km west of the Nile River. It is close to the Luxor-Aswan road, 40 km northwest of Aswan city, in the Aswan Governorate of Upper Egypt. The project occupies a 46 hectare plot (SBN 42-4) located on the southern boundary of the Benban PV solar park.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company Contact Information Name: Carla Di Tillio Title: Project Manager Address: via Lima 48, 00198 Rome, Italy Email: mailto:carla.ditillio@x-elio.com Phone: +39 366 631 78 26 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/