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According to bank provided information, FMO will provide a B-loan under the IFC umbrella to be used for the development, financing, construction, operation and maintenance of a 500MW solar PV power plant in Aswan Governate, Egypt, under the terms of a 25-year Power Purchase Agreement with the Egypt Electricity Transmission Company, fully guaranteed by Egypt's Ministry of Finance.
The FMO categorized the project risks as B+.
As stated by the FMO, the Project will be implemented by Abydos Solar Power Company S.A.E, an Egypt-incorporated special purpose vehicle owned by AMEA Power. AMEA Power (the "Sponsor") is a subsidiary of Al-Nowais Investments, ultimately owned by the Al-Nowais family in the United Arab Emirates.
As stated by Bloomberg, AMEA Power LLC operates as a renewable energy company. The Company expands its investments in wind, solar, energy storage, and green hydrogen capacity in operation and under construction in the region with a multi gigawatt pipeline of clean energy projects. AMEA Power conducts its business worldwide.
Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
---|---|---|---|---|---|---|
Al-Nowais Investments LLC | Parent Company | Industry and Trade | owns | AMEA Power Limited | Client | Energy |
*Contact information not provided at the time of dislcosure*
ACCESS TO INFORMATION
As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl
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