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.
  • Netherlands Development Finance Company (FMO)
Status: Not Disclosed
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: Red Sea Solar Power SAE
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): $ 12.50 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 @ FMO website
Updated in EWS: 2017-09-17
Disclosure Date: 2017-06-27
RED SEA SOLAR POWER S.A.E.
FMO-51501

Project Description
Red Sea Solar Power SAE is a special purpose vehicle incorporated in Egypt to develop, construct and operate a PV solar power plant. The sponsors are Scatec Solar ASA and Norfund, both incorporated in Norway. The project is part of a portfolio of six 50MW each solar PV plants, to be developed by the same sponsors in the BenBan complex located in the Aswan province. FMO will provide a B-loan under the EBRD umbrella. FMO's funding will be used towards constructing a 50 MW PV solar power plant in BenBan complex. FMO potentially funds this project to support Egypt to diversify its energy sources by exploiting the country's renewable energy potential. The FiT projects will also be among the first private renewable energy investments in Egypt, thus setting the precedent for future developments in the sector.
Investment Description
Bank Documents