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Egypt, Arab Republic of

Al Subh Solar Power S.A.E.

$14.49 million
Power
Project Brief
Active
solar power purple sky

Project Facts

Project Facts

Project Facts

Arab Republic of Egypt
Strategic Priority Area
Energy efficiency and climate change
Guarantee Holder
International Lender to be Determined
International Lender to be Determined
Environmental Category
B
Date SPG Disclosed
August 08, 2017
Projected Board Date
September 20, 2017
Project Type
Non-SIP

On December 22, 2017, MIGA signed a contract in which it agreed to issue $14.49 million in guarantees to Acciona Energia Global S.L.U. of Spain and Enara Bahrain SPV WLL of Bahrain for its investment into Al Subh Solar Power S.A.E. The guarantees are issued for up to 15 years against the risks of Transfer Restriction and Inconvertibility, Expropriation, War and Civil Disturbance, and Breach of Contract. 

The project is part of Egypt’s Feed-in-Tariff Round Two program. It consists of the design, development, construction, operation and maintenance of a greenfield solar IPP facility with installed capacity of 50 MW located in the Benban solar PV park in the Aswan Governorate of Egypt

 

Environmental Categorization

The project is categorized as B under MIGA’s Policy on Environmental and Social Sustainability. Click here for the project’s Environmental and Social Review Summary.

 

Development Impact

Egypt needs additional power generation capacity to meet growing energy demands and support economic growth along with private sector development. Despite hydrocarbon production and significant new gas discoveries, Egypt is a net importer of fossil fuels, which account for over 90% of its power generation. The project will add generation capacity, diversify the power generation mix, increase self-sufficiency, and reduce dependence on fossil-fuel imports. The project will help protect Egypt’s economy from fluctuations in oil and gas prices, and reduce carbon emissions by producing emission-free power, in alignment with the goals of the Paris Agreement.