Al Subh Solar PV Plant

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The project entails the construction, development and operation of a 50 MW solar plant in Benban site, Upper - Egypt. AL SUBH SOLAR POWER S.A.E is the project company that is leading the project. This is a greenfield project initiated on a BOO modality. Egypt’s Electricity Transmission Company will offtake the output under a 25-year power purchase agreement on a predetermined tariff rates. Acciona and Swicorp are sponsoring the project and hold 50% each. The equity contribution of the sponsors is $12.2 million. Investment requirement is estimated at $66 million ad is being funded via debt and equity, $53.8 million and $12.2 million, respectively. Lenders are IFC with $16.3 million from its own account, and syndicated a further $37.5 million to ICBC, Europe Arab Bank and Asian Infrastructure Investment Bank. Financing was closed on 29 October 2017. 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. https://ijglobal.com/data/transaction/38207/al-subh-solar-pv-plant-50mw