Gulf of Suez Wind II (EBRD-51509)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
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
A
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 21, 2020
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
Red Sea Wind 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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 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)
$ 560.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 12, 2020

Disclosed by Bank Aug 7, 2020


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Project Description

According to bank provided information, the project involves the provision of long-term senior debt financing of up to USD 50 million (EUR 42 million equivalent) to finance the construction of a 500 MW wind power plant located in the Gulf of Suez, approximately 40 km North-West of Ras Ghareb in Egypt. The project will be one of the largest privately developed utility scale wind power plants in Egypt and will support the country in increasing its renewable energy capacity.

Through delivery of clean power at one of the most competitive wind tariffs in the region and wider, the project will support Egypt's renewable transition and exploitation of the exceptional wind resources in the Gulf of Suez area.

The Project is expected to further improve the environmental characteristics of Egypt's power sector by reducing emissions of local pollutants and CO2, as well as water consumption.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

A senior secured loan of up to USD 50 million (up to EUR 42 million equivalent) co-financed with other parties.

Private Actors

Red Sea Wind Energy S.A.E. (the Borrower) is a special purpose vehicle to be incorporated in Egypt for the sole purpose of developing, constructing and operating the Project. The Borrower is fully owned by ENGIE Energie Services ("ENGIE" i 35%), Toyota Tsusho Corporation & Eurus Energy Holdings Corporation Consortium (holding collectively 40%) and Orascom Construction (25%).

Contact Information

Khaled El Degwy ; Jeroen Vergote
khaled.eldegwy@orascom.com; jeroen.vergote@engie.com 
http://www.rswe.co/ 
Sahara Building - Plot 185 2nd Sector, 5th Settlement 11835 New Cairo, Egypt

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html