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.
  • International Finance Corporation (IFC)
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.
Borrower or Client: Gestamp Solar SAE
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): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 96.00 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): $ 128.00 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 @ IFC website
Updated in EWS: 2017-06-22
Disclosure Date: 2016-05-05
Gestamp SolarFiT

Project Description
The project is a 50 MW photovoltaic (PV) plant being developed by AlTawakol Electrical Company (GILA) S.A.E., X-ELIO Energy S.L and Spectrum International for Renewable Energy LLC (the sponsors). These sponsors will own the Project Company “XELIO SAE”, and have selected a joint venture between Elecnor and Consolidated Contractors Company (the “JV Elecnor-CCC”) as the EPC and O&M contractor for the project. The total project cost is estimated at up to US$128 million with a proposed IFC A loan of approximately US$20 million and a B loan of up to US$76.1 million. The project will be located within Egypt’s New and Renewable Energy Agency (NREA)’s 37.2 km2 Benban 1.8 GW PV solar park comprising 39 separate PV plots, situated 12 km west of the nearest village (Benban), and 15 km west of the Nile River. It is close to the Luxor-Aswan road, 40 km northwest of Aswan city, in the Aswan Governorate of Upper Egypt. The project occupies a 97-hectare plot (SBN 1-1) located on the northern boundary of the Benban PV solar park. The Benban PV solar park is being constructed on open desert land that is owned by the Government of Egypt. All of the 39 PV development sites are greenfield, and none have begun construction. The area is mainly flat, with sand and gravel dunes, and with no notable natural vegetation and no human activities.
Investment Description
Contact Information
Company Contact Information Name Carla Di Tillio Title: Project Manager Address: via Lima 48, 00198 Roma (Italy) Email: mailto:carla.ditillio@x.elio.com Phone: +39 366 631 78 26 Accountability Mechanism of the IFC 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/
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