According to bank documents, ib vogt GmbH, is seeking MIGA coverage of the commercial debt tranche on a solar photovoltaic (PV) plant developed by the company TAQA Solar Reserve S.A.E (Taqa 50), hereafter also referred to as the 'Project Enterprise'. Taqa 50 is a Special Purpose Vehicle (SPV) company owned by a consortium constituted of Infinity Solar Energy SAE and ib vogt (the sponsors). The sponsors will be responsible for managing construction and operational aspects of a 50 Mega Watt alternative current (MWAC) solar PV plant located in the Benban solar complex in the Aswan Province of Egypt. ib vogt was selected as the Engineering Procurement and Construction (EPC) and Operations and Maintenance (O&M) contractor for the project.
The project forms part of the Egyptian government's feed-in-tariff (FiT) scheme aimed at diversifying and securing Egypt's electricity supply. The European Bank for Reconstruction and Development (EBRD) is also providing long term senior debt financing to the project.
In addition to Taqa 50, ib vogt is seeking MIGA coverage of the commercial debt tranche on two additional solar plants: MMID 30; and Phoenix Power 1, which is also seeking International Finance Cooperation (IFC) finance. All three projects are within the Benban solar complex and each is covered under a separate ESRS.
ACCOUNTABILITY MECHANISM OF MIGA
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/