According to bank documents, International Company for Water and Power Projects (ACWA Power) is seeking MIGA coverage of the commercial debt tranche for ACWA Benban One for Energy (ABOE). ABOE is a Special Purpose Vehicle (SPV) company to be indirectly owned by ACWA Power, Al Tawakol Electrical Co. incorporated in Egypt (Al Tawakol), and Hassan Allam Holding incorporated in Egypt (Hassan Allam). ABOE will be responsible for managing construction and operational aspects for the Project. ABOE's project, hereafter referred to as the 'project', comprises a 50 Mega Watts alternative current (MWAC) solar PV plant located in the Benban solar complex in the Aswan Province of Egypt. The project forms part of the Egyptian government 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 ABOE project, ACWA Power is seeking MIGA coverage of the commercial debt tranche on two other projects within the Benban solar complex: TK for Solar and Renewable Energy Systems, and Alcom Energy. Individual ESRSs have been prepared for each project.
The project is allocated to plot 43-4 (approximately 86 hectares (Ha)) in the Benban solar complex. The project will have alternating current capacity of 50 MWAC and peak direct current capacity of 67.5 MWDCP, and will be linked to substation 4 (SS4) on the southeastern corner of the Benban complex via an underground 22 kilovolt (kV) transmission line following the internal routes right-of-way (RoW) installed by EETC. SS4 covers an area of 50 km2.
*Contact information not provided at the time of disclosure*
ACCOUNTABILITY MECHANISM OF MIGA
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