Al Subh Solar Power (IFC-39729)

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
AL SUBH SOLAR POWER 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 Amount (USD)
$ 20.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 14, 2017

Disclosed by Bank Jun 13, 2017


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Project Description
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 40 km northwest of Aswan city, in the Aswan Governorate of Upper Egypt. The project occupies a 97-hectare plot (SBN 28-4) located in the fourth row within the southern area of the Benban PV solar park. The Benban PV solar park is being constructed on open desert land that is owned by the Government of Egypt. The area is mainly flat, with sand and gravel dunes, and with no notable natural vegetation and no human activities, and all of the 39 PV development sites are greenfield. Three developers were qualified from Round 1, and one has started some preliminary works and constructed some basic facilities on the site including office, dispensary, workers resting area, and installed underground septic tanks, none of which are yet operational. There are two access roads connecting to the Aswan-Luxor Highway, approximately 1 km away from the solar park. There will also be a road network on-site, which would be developed by NREA The project includes the construction by EETC of an approximately 1 km underground 22 kV transmission line connecting the project to substation 4 (SS4), the nearest of four EETC high voltage substations, (on the southeastern cornerof the Benban PV solar park. Substation SS4 is expected to be fully constructed by December 2017. The underground transmission line right-of-way will follow the route of internal Benban PV solar park roads and be installed by EETC. Substation SS4 will be initially connected to the 220 kV high voltage overhead line located approximately 12 km east of the Benban PV solar park, until upgrades are made to the high voltage line. An additional 180 km double circuit 500 kV transmission line will be constructed north of the site, to evacuate the energy from the solar park. This 500 kV line is considered an Associated Facility (AF) to the solar park, and EETC will be putting out a tender for an ESIA of this transmission line in May 2017. All output generated by the project will be sold to EETC under a 25-year Power Purchase Agreement (PPA) to be signed in Q3 2017. Water for the project will be supplied by groundwater wells licensed by the Ministry of Water Resources and Irrigation (MWRI). Water distribution in the Benban PV solar park will be managed by the Benban PV solar park’s facilities management company (FMC).
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Name: Mr. Juan Cruz Mendezona and Mrs. Melisa Saenz Title: Acciona Energia Address: Avda de Europa 10, PE La Moraleja, 28108 Alcobendas, Madrid, Spain Tel: +0034 916 576 461 Email: juancruz.mendezona.goyarzu@acciona.com melisa.sanz.duran@acciona.com Web: https://www.acciona.com ACCOUNTABILITY MECHANISM OF 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/