Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Egypt
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Multilateral Investment Guarantee Agency (MIGA)
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.
Board Decision Date: 2017-09-20
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: Industrial and Commercial Bank of China
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Amount (USD): $ 52.16 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ MIGA website
Updated in EWS: 2017-09-12
Disclosure Date: 2017-08-01
Alcom Energy JSC.
MIGA-3572

Project Description
This summary describes a proposed investment by ICBC of China into ACWA Benban One for Energy, TK Company for Solar and Renewable Energy Systems JSC and Alcom Energy JSC. The investor has applied for a MIGA guarantee of US$86 million for a non-shareholder loan and interest and US$82 million for swaps for up to 20 years against the risks of Transfer and Convertibility Restrictions, Breach of Contract, Expropriation and War and Civil Disturbance. The projects are part of Egypt's Feed-in-Tariff Round Two program and consist of design, development, construction, operation and maintenance of three greenfield solar IPP facilities with installed capacities of 120MW (ACWA Benban One for Energy - 50MW, TK Company for Solar and Renewable Energy Systems JSC - 20MW and Alcom Energy JSC – 50 MW) located in the Benban solar complex in the Aswan Governorate of Egypt.
Investment Description
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/
Bank Documents