Access Building Energy Solar One (MIGA-14038)

Countries
  • Egypt
Geographic location 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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Sep 20, 2017
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
EREN Renewable Energy
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)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 18.20 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 @ MIGA website

Updated in EWS Aug 19, 2021

Disclosed by Bank Aug 7, 2017

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 documents, Access Infra Africa and EREN Renewable Energy are seeking MIGA coverage for their equity and shareholder loan investments in a solar photovoltaic (PV) plant developed by the company Access Building Energy Solar One (ABESO). ABESO is a Special Purpose Vehicle (SPV) company owned by Access and EREN Renewable Energy responsible for managing construction and operational aspects of a 50 Mega Watt alternative current (MWAC) solar PV plant located in the Benban solar complex in the Aswan Province of Egypt (the project). The project forms part of the Egyptian government's 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 ABESO project, Access and EREN are seeking MIGA coverage for their equity and shareholder loan investments in one additional solar plant, the Access Egypt Solar One within the Benban solar complex-covered under a separate ESRS.

The project is allocated to plot 9-2 (approximately 97 hectares (Ha)) in the Benban solar complex. As mentioned above, the plant will have alternating current capacity of 50 MWACand peak direct current capacity of 63MWDCP, and will be linked to substation 2 (SS2) on the northeastern corner of the complex via an underground 22 kilovolt (kV) transmission line following the internal routes right-of-way (RoW) installed by Egypt Electricity Transmission Company (EETC).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Access Infra Africa Investor -
- - - - EREN Renewable Energy S.A. 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.

*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/

How it works

How it works