Ras Ghareb Windfarm (EBRD-53097)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Specific Location
Ras Ghareb, Gulf of Suez region
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
  • 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 24, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Masdar IPH Wind S.A.E.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 79.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 79.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 214.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 26, 2024

Disclosed by Bank Jun 12, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EBRD, the project consists of the provision of a long-term senior loan of up to USD 71.7 million (EUR 66.2 million) to finance the development and construction of a 200 MW onshore wind farm in Ras Ghareb located in the Gulf of Suez region. The Project will sell the produced power to the Egyptian Electricity Transmission Company (EETC) under a long term power purchase agreement backed by a sovereign guarantee from the Ministry of Finance.

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 improve the environmental characteristics of Egypt's power sector by reducing emissions of local pollutants and CO2, as well as water consumption. The Project will be among the very first to be delivered under the 10 GW renewable program of the Bank-led Energy Pillar of the Nexus Water-Food-Energy Programme (NWFE) initiative, a major policy engagement developed by the Bank on behalf of the Government of Egypt that was announced at COP27 in Sharm El Sheikh.

The Project will connect to the national grid through a 12-13.6 km 220 kV transmission line. This line will connect to an existing substation and in turn export electricity through existing transmission lines. The line will be installed and operated by the Egyptian Electricity Transmission Company (EETC). The 220 kV line will be installed for the sole purpose of the Project and therefore is an associated facility.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Masdar IPH Wind S.A.E. is a special purpose vehicle incorporated in Egypt for the purpose of developing and operating the Project, which is ultimately owned by Masdar (51%) and Infinity Energy (49%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Abu Dhabi Future Energy Company PJSC - Masdar Client Energy
- - - - Egyptian Electricity Transmission Company Buyer Energy
Abu Dhabi Future Energy Company PJSC - Masdar Parent Company Energy owns Infinity Energy (Masdar - Egypt) Subsidiary Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Masdar IPH Wind S.A.E.:

Mokhtar Abulata
Email: mokhtar.abulata@weareinfinitypower.com
Phone: +202 25 25 8960 / 61 / 62 / +202 25 28 2268
Website: www.weareinfinitypower.com
Address: 57 Nile Kornish St | Maadi, 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

How it works

How it works