37580 - SECI-DT Benban 1

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

37580

Company Name

ARC FOR RENEWABLE ENERGY SAE

Date SPI Disclosed

May 4, 2016

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

Jul 31, 2017

Environmental Category

B - Limited

Status

Active

Last Updated Date

Sep 30, 2022

Department

Regional Industry - INF Africa

Industry

Infrastructure

Previous Events

Approved : Jul 20, 2017
Signed : Oct 12, 2017
Invested : Sep 4, 2018

Sector

Solar - Renewable Energy Generation

Project Description

The project is a greenfield 50 MWac photovoltaic (PV) plant being developed by a joint venture between SECI Energia SpA, Enerray SpA, and Desert Technologies Industries Co. Ltd. (together the Sponsors). The sponsors will own the project company ARC for Renewable Energy SAE (ARC). The Engineering Procurement and Construction (EPC) Contractor will be an joint venture between Enerray SpA and Desert Technologies Industries Co. Ltd. (JV Enerray-DT) who will also undertake the role of the Operations and Maintenance (O&M) Contractor for this project. Enerray SpA has 10 years' experience in EPC and O&M services and has completed power plants of more than 200 MWp in Morocco, Turkey, Jordan, Iran and Central and South America. Desert Technologies as an EPC contractor has experience as a manufacturer and developer of PV projects. It has developed solar projects in Jordan and has 33MW of signed bankable EPC contracts since 2015.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management	1.0
Guarantee
Loan	23.0
Equity

Development Impact

- Contribute to ensuring energy security in Egypt: The Project is expected to support the construction of around 50MW of solar projects. - Development of the Egyptian Renewable Energy Sector: The Project is expected to help play a catalytic role in starting solar power development in the country. - Employment: The Project will have a positive impact on economic development due to increased power generation in Egypt, and will support direct and indirect jobs creation during the construction and operations. - Climate Change: The Project will support climate related mitigation impact by providing clean electricity and help avoid greenhouse gas emissions and thus contribute to addressing global climate change concerns.

- Standard Setting: Being directly engaged with project developers and the Government of Egypt, IFC has been actively involved in the development of bankable project documents. - Providing long-term financing: IFC will act as sole mandated lead arranger to arrange all of the required project financed debt and also to provide the interest rate swaps required to support the financing structure. The leading role would be crucial in providing enough comfort to other lenders to complete financing of the Project. - Resource Mobilization: IFC's mobilization role is expected to help raise up to US$45 million from various sources through B and/or parallel loans, with a significant reliance on other DFIs. - E&S Standard Setting: IFC will support the development of the Project's environmental, health and safety practices, in line with IFC Performance Standards, which will help setting high standards for other renewable energy projects in Egypt.

E&S Category Rationale / Risks and Mitigation

The project land was previously open desert, and is owned by NREA, and will be leased to the sponsors for a 25year period. There will be no involuntary land acquisition, thus PS5 on Land Acquisition and Involuntary Resettlement is not applicable to this proposed investment. The area comprises desert with minimal vegetation and surveys have not identified any features or species which would trigger PS6 for Biodiversity Conservation and Sustainable Management of Living Natural Resources. There are no Indigenous Peoples in the project area, and therefore PS7 on Indigenous Peoples is not applicable. The studies as part of the ESIA did not reveal cultural heritage, therefore PS8 on Cultural Heritage is not applicable. However, the project will develop a chance finds procedure in case of the identification of cultural/archeological resources in the area.

Contacts

For Inquiries About the Project, Contact

Contact: Pietro Di Le

Company: Enerray SpA

Address: Via J.F Kennedy, n. 10 Zola Predosa (BO), Italy

Email: pdileo@enerray.com

Phone: +39 (0)51 616 2605

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Contact: Pietro Di Leo

Company: Enerray SpA

Address: Via J.F Kennedy, n. 10 Zola Predosa (BO), Italy

Email: pdileo@enerray.com

Phone: +39 (0)51 616 2605

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Disclaimer