Aten Solar Energy S.A.E. is 99.99999% owned by Alcazar Energy Partners Limited (Alcazar), and 0.00001% owned by Samcrete Egypt Engineers & Contractors S.A.E. 

Alcazar was formed in February 2014 as an independent developer and power producer focused on renewable energy generation across the META region (Middle East, Turkey and Africa). Alcazar ’s main role is the origination, development, structuring, acquisition and operation of renewable energy projects with an emphasis on solar PV and on-shore wind technologies.

The total project cost is up to US$ 70-75 million with an IFC A loan of up to US$ 15 million and syndications of up to US$ 42.3 million, and the balance covered by equity.

The project will be located 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, situated 12 km east of the nearest village (Benban), and 15 km west of the Nile River. It is close to the Luxor-Aswan road, 40 km northwest of Aswan city, in the Aswan Governorate of Upper Egypt. The project capacity is approximately 64.03 MWp (DC) for a 50 MW inverter nominal power (AC) and occupies a 0.98 km2 plot (SBN 7-1) in the Benban PV solar park

- Contribute to addressing power shortage: The Project is expected to support the construction of around 50 MW 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 help generate direct and indirect employment opportunities during construction and operation.

- Climate Change: The Project will help avoid GHG emissions and thus contribute to addressing global climate change concerns.

- Development of the FIT program: 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: Long-term financing is not easily available in the local market and international commercial banks remain cautious to provide long-term financing in Egypt.

- Mobilization: IFC's mobilization role is expected to help raise up to US$42 million from various regional and international financial intuitions, including other DFIs.

- Standard Setting: The Project will be in compliance with IFC Performance Standards, which will help setting high standards for other renewable energy projects in Egypt.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as the E&S impacts associated with the project are limited, generally project-specific and can be addressed through the implementation of good international industry practices.  As the project is part of a larger development there are potential cumulative environmental and social impacts associated with the construction, and to a lesser degree the operational and decommissioning phases, which need to be managed in a coherent and coordinated manner.  In order to address these cumulative impacts, the sponsors have joined the Benban Developers Association (BDA).  EETC, in coordination with the BDA and NREA, will appoint a FMC to manage these common facilities and issues and be responsible for the development and implementation of the ESHS management plans for the Benban PV solar park.  This approach will assist in ensuring that ESHS risks are managed consistently by Benban PV developers, and that there is a well-managed and coordinated response to overarching cumulative issues such as occupational health and safety, transport /traffic management, security, community engagement and corporate social responsibility, and labor, worker welfare, waste management and accommodation, among others.