Amunet Wind IPP (IFC-45837)

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.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Nov 10, 2022
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
AMUNET WIND POWER COMPANY SAE
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Energy
  • Infrastructure
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)
$ 83.00 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)
$ 709.00 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 @ IFC website

Updated in EWS Nov 5, 2024

Disclosed by Bank Aug 26, 2022

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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 bank provided information, the Project is a greenfield 500MW wind power project, Egypt’s largest wind farm, located 9km northwest of Ras Ghareb in the wind-rich Gulf of Suez region (the “Project”). The Project will be an Independent Power Producer, selling its generation to the Egyptian Electricity Transmission Company (“EETC”) under a 25-year Power Purchase Agreement. Huadong PowerChina Engineering Corporation Ltd (“HDEC”), PowerChina International Group Limited (“Power China Int’l”) and HDEC Middle East Co DMCC (“HDEC ME”) together (“Huadong PowerChina Consortium”) will be the Engineering, Procurement and Construction (“EPC”) contractor and Envision will be the turbine supplier. Construction is expected to begin in March 2023 and operations two and a half years later.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total Project cost is estimated at c. US$ 709 million, financed with c. 80% by debt and 20% by equity. The debt is to be funded with senior loans from IFC, export credit agencies and commercial banks. The proposed IFC investments include (i) A Loan for up to US$75 million and (ii) Risk Management Products in the form of interest rate swaps with a loan equivalent exposure of c. US$8 million.

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.

The Project will be developed by Amunet Wind Power Company S.A.E. (the “Project Company”), a special purpose vehicle incorporated in Egypt owned (60%) by AMEA Power Ltd (“AMEA Power”) and (40%) by Sumitomo Corporation (“Sumitomo”, together the “Sponsors”).

Sumitomo Corporation is a member company of the Sumitomo Group, one of the largest and most diversified Japanese companies with presence in sixty-six countries and regions with multiple business segments and listed on the Tokyo Stock Exchange. Sumitomo’s infrastructure division is actively engaged in developing and operating power and renewable energy projects worldwide, it currently has a net ownership of 9.7GW in generation capacity, of which 53% coal fired power plants, 31% gas fired and 16% renewable energy. Among the largest shareholders in Sumitomo are the Master Trust Bank of Japan, Ltd (16.67%), EUROCLEAR BANK S.A./N.V (5.24%) and Custody Bank of Japan, Ltd. (5.15%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - AMEA Power Limited Parent Company -
- - - - Sumitomo Corp Investor -

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.

AMEA Power
Aqueel Bohra
Senior Director, Project Development
+971 43107000
notices@ameapower.com 
3301, Marina Plaza Building, Dubai, Marina, Dubai
www.ameapower.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/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 

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How it works