Access Building Energy Solar One (MIGA-ba64f36261)

Countries
  • Egypt
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 20, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
EREN Renewable Energy
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 18.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Disclosed by Bank Aug 7, 2017


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Project 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
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

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