Alcom Energy JSC. (MIGA-8d6825231f)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Specific Location
Aswan Province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Sep 20, 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
ACWA Power
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)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 52.16 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Disclosed by Bank Aug 1, 2017


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Project Description

According to bank documents, International Company for Water and Power Projects (ACWA Power or developer) is seeking MIGA coverage of the commercial debt tranche for Alcom Energy. Alcom Energy will be responsible for managing construction and operational aspects for the Project. Alcom Energy's project, hereafter referred to as the 'project', comprises a 50 Mega Watts alternative current (MWAC) solar PV plant located in the Benban solar complex in the Aswan Province of Egypt. The project forms part of the Egyptian government feed-in-tariff (FiT) scheme aimed at diversifying and securing Egypt's electricity supply. The European Bank for Reconstruction and Development (EBRD) is also providing long term senior debt financing to the Project.

In addition to the Alcom Energy project, ACWA Power is seeking MIGA coverage of the commercial debt tranche on two other projects within the Benban solar complex: ACWA Benban One for Energy and TK for Solar and Renewable Energy Systems. Individual ESRSs have been prepared for each project.

The project is allocated to plot 3-1 (approximately 97 hectares (Ha)) in the Benban solar complex. The project will have alternating current capacity of 50 MWAC and peak direct current capacity of 70MWDCP, and will be linked to substation 1 (SS1) on the northeastern corner of the Benban complex via an underground 22 kilovolt (kV) transmission line following the internal routes right-of-way (RoW) installed by EETC. SS1 covers an area of 15 km2.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors

Alcom Energy is a Special Purpose Vehicle (SPV) company to be indirectly owned by ACWA Power, Al Tawakol Electrical Co. incorporated in Egypt (Al Tawakol), and Hassan Allam Holding incorporated in Egypt (Hassan Allam)

Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/