Alcazar Solar 3 (IFC-40386)

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
HORUS SOLAR ENERGY 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)
$ 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 29, 2017

Disclosed by Bank Aug 21, 2017


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Project Description
The project is a greenfield 50 MW photovoltaic (PV) plant being developed by Alcazar Energy (“ the sponsor”). The sponsor will own the project company “Horus Solar Energy SAE”. Horus Solar Energy S.A.E. is 99.99999% owned by Alcazar Energy Partners Limited (Alcazar), and 0.00001% owned by Cabli Power Cables Manufacturing S.A.E. The Engineering, Procurement & Construction (EPC) Contractor will be an EPC joint venture (EPC JV) between TSK and Enviromena, who will also undertake the role of the Operations and Maintenance (O&M) contractor for this project. Enviromena were established in Abu Dhabi in 2007, as the first downstream solar company in the Middle East and North Africa. TSK was established as a public company in 1986 and began working in the solar PV field in 2006. It has participated in projects with a capacity of 400MW in PV. The total project cost is up to US$ 70-75 million with an IFC A loan of up to US$ 15 million and syndications of up to US$ 42.3 million, and the balance coveredsubby equity. The project will be located within Egypt’s New and Renewable Energy Agency (NREA)’s 37.5 km 2 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 capacity is approximately 64.03 MWp (DC) for a 50 MW inverter nominal power (AC) and occupies a 0.98 km 2 plot (SBN 29-4) in the Benban PV solar park. The Benban PV solar park is being constructed on open desert land that is owned by NREA. All of the 39 PV development sites are greenfield, and none have begun full construction. One project has started 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. The area is mainly flat, with sand and gravel dunes, and with no notable natural vegetation and no human activities.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
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