Acciona Benban Rising Sun Energy

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The project envisages the construction, development and operation of a PV solar plant with a total capacity of 50 MW. The facility will be located in the Benban 1.8GW PV solar park situated 12 km west of Benban, and 15 km west of the Nile River, in the Aswan Governorate of Upper Egypt. The plant is being developed through SPV - RISING SUN ENERGY S.A.E. on behalf of the sponsors. Acciona Energia SA is the largest shareholder in the project with 38%, followed by TBEA SunOasis wit 24%, and Swicorp, KCC Corporation and Shoaibi Group, each with 12.6%. TBEA will complete the engineering, procurement and construction (EPC) as well as the operations and maintenance (O&M). The project represents a new, greenfield facility launched on a BOO basis. The project companies have already signed long - term purchase agreements with the Egyptian Electricity and Transmission Company (25 years). Investment of $66 million will be required to develop the project. IFC provides $16.3 million from its own account. The IFC will also syndicate a further $37.5 million to other lenders with the remainder ($12.2 million) being funded in equity. Of the syndicated loan, the Asia Infrastructure Investment Bank will lend $15.5 million, ICBC $20 million and Europe Arabe Bank $2 million. 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, Enara Bahrain SPV WLL of Bahrain, and TBEA SunOasis B.V. of Netherlands for its investment into Rising Sun Energy 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. Project financing closed in October 2017.