Kom Ombo EBL (EBRD-52451)

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
U
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
Dec 2, 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
ACWA Power Kom Ombo for Energy
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)
$ 40.00 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)
$ 41.70 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 Nov 4, 2020

Disclosed by Bank Nov 4, 2020


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Project Description

According to bank provided information, the project involves the provision of a senior debt financing of up to USD 40 million, in addition to an equity bridge loan of up to USD 14 million, to finance the construction and development of a 200 MW solar PV project located in Kom Ombo, Egypt. The Project will be one of the largest privately developed utility scale solar plants in Egypt and will support the country in increasing its renewable energy capacity.

The Project will further promote private sector participation in the Egyptian power sector and increase the share of renewable energy in the energy mix in line with the nationally declared targets. 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)

Senior debt financing of up to USD 40 million co-financed with other parties, in addition to an equity bridge loan of up to USD 14 million to the Company.

Private Actors
Private Actors Description

"ACWA Power Kom Ombo for Energy" is a special purpose vehicle incorporated in Egypt for the sole purpose of constructing and operating the Project. It is directly owned by "ACWA Power Kom Ombo Project Holding Company Ltd", a holding company based in the United Arab Emirates. Ultimate shareholder is the International Company for Water & Power Projects ("ACWA Power").

Contact Information

Pascal Martese
pmartese@acwapower.com 
+971 4 24 80 826
+971 4 38 59 625
www.acwapower.com 
41st Floor, The One Tower, Sheikh Zayed Road P.O. Box 30582, Dubai United Arab Emirates

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