Early Warning System

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

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

Closed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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

Enerray S.p.A.; Al Bilal Group for General Contracts Ltd

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)

$ 7.00 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.

Primary Source

Original disclosure @ MIGA website

Updated in EWS Jul 26, 2024

Disclosed by Bank Feb 15, 2018

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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.

PROJECT DESCRIPTION

This summary describes proposed equity investments by Enerray S.p.A of Italy and Al Bilal Group for General Contracts Ltd of Iraq into Arinna Solar Power SAE. The investors have applied for a MIGA guarantee of US $7.0 million for up to 15 years against the risks of Transfer Restriction and Inconvertibility, Expropriation, War and Civil Disturbance, and Breach of Contract.

The project is part of Egypt's Feed-in-Tariff Round Two program. It consists of the design, development, construction, operation and maintenance of a greenfield solar IPP facility with installed capacity of 20MW located in the Benban solar PV park in the Aswan Governorate of Egypt.

ENVIRONMENTAL CATEGORIZATION

The project is categorized as B underMIGA's Policy on Environmental and Social Sustainability. Clickherefor the project's Environmental and Social Review Summary.

DEVELOPMENT IMPACT

Egypt needs additional power generation capacity to meet growing energy demands and support economic growth along with private sector development. Despite hydrocarbon production and significant new gas discoveries, Egypt is a net importer of fossil fuels, which account for over 90% of its power generation. The project will add generation capacity, diversify the power generation mix, increase self-sufficiency, and reduce dependence on fossil-fuel imports. The project will help protect Egypt's economy from fluctuations in oil and gas prices, and reduce carbon emissions by producing emission-free power, in alignment with the goals of the Paris Agreement.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description

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

Multilateral Investment Guarantee Agency (MIGA)

Private Actor Relationship

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.

Private Actors Description

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Al Bilal Group	Client	Energy	contracts with	Enerray S.p.A.	Client	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.

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/