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).
*Contact information not provided at the time of disclosure*
ACCOUNTABILITY MECHANISM OF MIGA
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