The project is a greenfield 50 MW photovoltaic (PV) plant for the company “Phoenix Power 1 SAE” as part of Round 2 of the Egyptian Government feed-in-tariff (FiT) scheme for domestic solar PV and wind energy projects. “Phoenix Power 1 SAE” is a Special Purpose Vehicle (SPV) owned by a consortium constituted of Phoenix Power Venture SAL (lead sponsor with 51% shareholding, the “Sponsor”), Infinity Solar Energy SAE (23.8% shareholder), ib vogt GmbH (23.8% shareholder), and Cedrus Enterprises Holding SAL (1.4% shareholder). Phoenix Power Venture is a subsidiary of the Indevco Group which IFC has existing investments with. This SPV constitutes the project sponsors which will own the company “Phoenix Power 1 SAE” to develop the project. The Sponsor has selected ib vogt GmbH as the Engineering, Procurement, and Construction (EPC) and Operations and Maintenance (O&M) contractor. Infinity Solar and ib vogt JV consortium is currently constructing another solar facility in the Benban PV solar park under FiT Round 1 with the same EPC and O&M contractor ib vogt GmbH. The total project cost is up to US$75-80 million with an IFC A loan of up to US$15-20 million and syndications of up to US$45 million, and the balance to be covered by equity.

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