The Project will be developed by Amunet Wind Power Company S.A.E. (the “Project Company”), a special purpose vehicle incorporated in Egypt owned (60%) by AMEA Power Ltd (“AMEA Power”) and (40%) by Sumitomo Corporation (“Sumitomo”, together the “Sponsors”).

Sumitomo Corporation is a member company of the Sumitomo Group, one of the largest and most diversified Japanese companies with presence in sixty-six countries and regions with multiple business segments and listed on the Tokyo Stock Exchange. Sumitomo’s infrastructure division is actively engaged in developing and operating power and renewable energy projects worldwide, it currently has a net ownership of 9.7GW in generation capacity, of which 53% coal fired power plants, 31% gas fired and 16% renewable energy. Among the largest shareholders in Sumitomo are the Master Trust Bank of Japan, Ltd (16.67%), EUROCLEAR BANK S.A./N.V (5.24%) and Custody Bank of Japan, Ltd. (5.15%).

The total Project cost is estimated at c. US$ 709 million, financed with c. 80% by debt and 20% by equity. The debt is to be funded with senior loans from IFC, export credit agencies and commercial banks. The proposed IFC investments include (i) A Loan for up to US$75 million and (ii) Risk Management Products in the form of interest rate swaps with a loan equivalent exposure of c. US$8 million.

The Project will be located in the Gulf of Suez area of Egypt approximately 9km North-West of Ras Ghareb on the Red Sea.

This is a Category A project as per IFC's 2012 Policy on Environmental and Social Sustainability as the project has the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. The categorization is mainly derived due to biodiversity risks in the Project area (and wider landscape) associated with globally important numbers of migratory soaring birds concentrated at the Gebel El Zeit IBA and surrounding area. As such, the key E&S issue for the project concerns the avoidance, monitoring, and management of potential adverse impacts including cumulative impacts on migratory soaring birds during construction and commissioning and particularly during wind farm operations.

Other key E&S risks associated with the project include: i) E&S and OHS performance during construction and operation by the project participants (AWPC, EPC, sub-contractor, EETC, WTG supplier and O&M contractors); ii) fair treatment and safe working conditions for employees and contractors alike, including adequate adoption and implementation of relevant human resource (HR) policies and procedure, transparent and non-discriminatory recruitment and an effective worker grievance mechanism; iii) supply chain risks including forced and child labor; iv) community safety (including harassment and gender-based violence) due to labor influx, accommodation needs, road traffic safety and presence of security forces; and, v) stakeholder engagement and grievance management, with particular focus on the Bedouin community.