MMID 30 FOR RENEWABLE ENERGY SAE (FMO-51527)

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
Mar 23, 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
XSML Capital
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 12.00 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 Apr 9, 2018

Disclosed by Bank Jun 30, 2017


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Project Description

MMID 30 for Renewable Energy is a special purpose vehicle incorporated in Egypt to develop, construct and operate a PV solar power plant in the BenBan complex located in the Aswan province. The sponsors are Infinity Solar SAE of Egypt and ib vogt GmbH of Germany.

FMO will provide a B-loan under the EBRD umbrella. FMO's funding will be used towards constructing a 30 MW PV solar power plant in BenBan complex. The Project is one of the two solar PV plants to be developed by the same sponsors for which FMO will provide a B-loan under the EBRD umbrella.

The Project will be developed under the second round of the 1.8GW solar PV Feed-in-Tariff ("FiT") scheme launched by Government of Egypt in October 2016. The scheme aims 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

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.