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.
  • International Finance Corporation (IFC)
Status: Pipeline
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: Cairo Solar Farm
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 Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 86.00 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): $ 115.00 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
Cairo Solar
IFC-37776

Project Description
The project is a 50 MWac photovoltaic (PV) plant being developed by the Cairo Solar Farm SAE, a Special Purpose Vehicle (SPV) Company formed by a number of shareholders comprising Globeleq (leader with 49% shareholding) (together the "sponsors"). It is understood that the EPC Contractor and O&M provider for this project will be Sterling and Wilson (S&W) together with its parent company Shapoorji Pallonji Group (SPCL), acting on a joint-and-several basis. Globeleq together with Cairo Solar Farm's owners engineer will provide construction management oversight. The total project cost is up to US$108 million with an IFC A loan of up to US$20 million and B loans of up to US$61 million, with the balance covered by equity.The project will be located within Egypt's New and Renewable Energy Agency (NREA)'s 37.5 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 0.98 km2 plot (SBN 20-3) located at the center of the Benban PV solar park.
Investment Description
Contact Information
Company Contact Information Vincent Mulder 2 More London Riverside, SE1 2JT, London, United Kingdom Email: mailto:vincent.mulder@globeleq.com Phone: +44 203 823 5522 Facsimile: +44 203 761 1900 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/