Quick Facts

Where the impacts of the investment may be experienced.
  • Egypt
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Asian Infrastructure Investment Bank (AIIB)
Status: Approved
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.
Board Decision Date: 2017-09-04
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 or Client: Phoenix Power 1 S.A.E.
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Equity, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 19.00 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): $ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ AIIB website
Updated in EWS: 2017-11-09
Egypt Round II Solar PV Feed-in Tariffs Program: Phoenix Power 1

Project Description
Egypt Round II Solar PV Feed-in Tariffs Program (the Project) consists of 11 photovoltaic solar power plants (the Sub-projects), 9 x 50MWac and 2 x 20MWac, all to be located in the Benban Solar Park near Aswan, with an aggregate power generation capacity of 490MWac. The solar power plants will be developed by different Sponsors and all output generated will be sold to the Egyptian Electricity Transmission Company under a 25-year Power Purchase Agreement. The Project entails the development, financing, construction, testing, commissioning, operation and maintenance of a 50MWac solar PV power plant located in Benban Solar Park. The Project applies the IFC's Policy on Environmental and Social Sustainability, including the relevant Performance Standards.
Investment Description
The Project cost is up to $70-75 USD million. The Bank is considering a senior loan of up to $17.5-19 USD million. The Project will be co-financed by IFC and other lenders for up to $41 USD million, and the balance will be covered by equity.
Private Actors
The Project is being developed by Phoenix Power 1 S.A.E. (the Borrower), a special purpose vehicle owned by a joint venture between Phoenix Power Venture SAL (51%), Infinity Solar Energy SAE (23.8%), Ib Vogt GmbH (23.8% shareholder) and Cedrus Enterprises Holding SAL (1.4% shareholder), collectively, the Sponsors.
Contact Information
Asian Infrastructure Investment Bank (AIIB): Ms. Carmen de Castro Project Team Leader / Investment Operations Specialist E-Mail: carmen.decastro@aiib.org Sponsors Company: Phoenix Power Venture Mailing Address Safra, Keserwan – Lebanon P.O. Box: 11-2354 Beirut – Lebanon Tel: +961-9-855690/1/2/3/4/5 Website: http://www.phoenixlb.com Company: Infinity Solar Energy Mailing Address 57, Nile Kornish St., 9th floor Maadi 11431, Cairo, Egypt Tel : (+202) 2528 2240 / 3347 / 2234 General IFC Inquiries IFC Communications 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 AIIB OVERSIGHT MECHANISM In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB’s policies, “people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank’s oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism.” However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.
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Bank Documents