Renewable Energy Guarantees Program (WB-P162607)

Countries
  • Ethiopia
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
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
U
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
May 23, 2019
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
Government of Ethiopia
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 Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 130.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jun 30, 2019

Disclosed by Bank May 3, 2017


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Project Description

The objective of the Renewable Energy Guarantees Program Project for Ethiopia is to increase renewable energy generation capacity through private sector participation in Ethiopia. There is one component to the project, the first component being Metehara Solar IPP. The REGREP first phase consists of IDA guarantee support to the Metehara Solar IPP (100 MW), which is the most advanced IPP transaction. The Metehara Solar IPP is expected to be operational by 2021. Under the IPP project, a consortium led by Enel Green Power (EGP) will be investing approximately US dollar 120 million in the construction of the solar PV plant, with an estimated US dollar 35 million of private capital mobilized. The power purchasing tariff, which has not yet been made public, is consistent with solar auction results observed in other SSA countries around the same time. The facility will generate approximately 280 GWh per year. This output will be sold under a 20-year PPA to EEP that covers all the energy generated by the plant. The IPP project’s location is in the Oromia region, almost 200 km east of the capital Addis Ababa, an area that enjoys high levels of solar radiation. 

Investment Description
  • World Bank (WB)
Contact Information

Name: Ministry of Finance
Contact: Ato Fisseha Aberra
Title: Director, International Financial Corporation Directorate
Tel: +251-11-111-3247
Email: faberrak@gmail.com

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.