KOM OMBO RENEWABLE ENERGY S.A.E. (FMO-51505)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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.
Voting Date
Oct 19, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Kom Ombo Renewable Energy SAE
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)
$ 12.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Aug 14, 2018

Disclosed by Bank Jun 27, 2017


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Project Description

Kom Ombo Renewable Energy SAE is a special purpose vehicle incorporated in Egypt to develop, construct and operate a PV solar power plant. The sponsors are Scatec Solar ASA and Norfund, both incorporated in Norway. The Project is part of a portfolio of six 50MW each solar PV plants, to be developed by the same sponsors in the BenBan complex located in the Aswan province.
FMO will provide a B-loan under the EBRD umbrella. FMO's funding will be used towards constructing a 50 MW PV solar power plant in BenBan complex.
FMO potentially funds this project to support Egypt to diversify its energy sources by exploiting the country's renewable energy potential. The FiT projects will also be among the first private renewable energy investments in Egypt, thus setting the precedent for future developments in the sector.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.