Aten Solar PV Plant

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The project entails the construction, development and operation of a 50 MW solar PV plant 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 near Benban village, close to Aswan city, in the Aswan Governorate of Upper Egypt. Aten Solar Energy SAE is the project company that will undertake the project development and is owned almost entirely (99.9%) by Alcazar Energy Partners Limited (Alcazar) and by Samcrete Egypt Engineers & Contractors S.A.E. (0.1% ). The EPC contract will be conducted by a joint venture of TSK and Environmena. This is a greenfield project initiated under a BOO modality. The project company was awarded the contract on a license scheme with a predetermined tariff rate. The state-owned Egyptian Electricity and Transmission Company will offtake power from the project under 25-year PPA. Required investment for the plant is estimated at $68.7 million and is being funded via debt and equity as 76:24. Loans were provided by IFC ($19.25 million) from its own account and further syndicated $33.25 million to CDC Group ($18.25 million), Finnfund ($6 million), and Arab Bank Group ($9 million). Financing closed on October 29th, 2017. OeEB was reported to take $5 million debt in the project in November 2017, acquiring $2.5 million each from IFC and CDC. https://ijglobal.com/data/transaction/38948/aten-solar-pv-plant-50mw https://disclosures.ifc.org/#/projectDetail/SII/40390