This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Rising Sun Energy S.A.E. (MIGA-14080)

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.
Specific Location
Aswan Governorate
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
Approved
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
Acciona Energia Global, S.L.U., Enara Bahrain SPV WLL, TBEA SunOasis B.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
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)
$ 14.49 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 20, 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.

On December 22, 2017, MIGA signed a contract in which it agreed to issue $14.49 million in guarantees to Acciona Energia Global S.L.U. of Spain, Enara Bahrain SPV WLL of Bahrain, and TBEA SunOasis B.V. of Netherlands for its investment into Rising Sun Energy S.A.E. The guarantees are issued 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 50 MW located in the Benban solar PV park in the Aswan Governorate of Egypt.

ENVIRONMENTAL CATEGORIZATIONTHE PROJECT IS CATEGORIZED AS B UNDER MIGA'S POLICY ON ENVIRONMENTAL AND SOCIAL SUSTAINABILITY. CLICKHEREFOR THE PROJECT'S ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY.

DEVELOPMENT IMPACTEGYPT 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.

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

As stated on the companies' websites, ACCIONA Energía is the world’s largest 100% renewable energy company. With no fossil fuel legacy in more than 30 years of experience, it has one of the world’s leading expert teams in the design of integrated solutions to decarbonise the planet. 

TBEA has developed into a leading enterprise in the world power transmission and transformation industry, China's new polysilicon material development and large-scale aluminum electronics export base, large-scale solar photovoltaic and wind power systems.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Acciona Energia Global S.L.U. Client Energy
- - - - Enara Bahrain Client Energy
- - - - TBEA SunOasis B.V. 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/

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How it works