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.
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.
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%).
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