The Project will be implemented by Abydos For Renewable Energy SAE (the Borrower), an Egypt-incorporated special purpose vehicle owned by AMEA Power (the Sponsor). AMEA Power is a subsidiary of Al Nowais Investments, ultimately owned by the Al Nowais family in the United Arab Emirates, with 11.5% owned by Softbank Group Corporation.

Total Project cost is estimated to be up to US$750 million. IFC will provide A loans of up to US$120 million under the long-term debt financing and up to US$220 million under a short-term bridge financing; interest rate and cross-currency swaps for its own account; and up to US$23.1 million from IFC as implementing entity of IFC-managed blended finance programs. The remaining debt of up to US$480 million will be provided by a mix of B and parallel Lenders.

The Project is located in the Aswan Governorate, Egypt.

This is a Category A project according to IFC’s Policy on Environment and Social Sustainability (2012), 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 i) the project being part of a larger energy development zone, with numerous other solar PV plants in operation or to be developed in the area, which can pose cumulative impacts on local communities; ii) the size of the project necessitating a large footprint and workforce; and iii) potential supply chain risks.

Other key E&S risks include i) adequacy of existing E&S management systems and E&S staffing to identify, assess and manage E&S risks and impacts, including cumulative impacts; ii) assurance of fair, safe and healthy working conditions for employees, contract workers and the supply chain, in line with applicable legal and IFC PSs; iii) labor management, grievance management, Gender Based Violence and Harassment (GBVH), and equal job opportunities; iv) transport and traffic safety, security management and interface with local communities; v) solid waste management (including solar panels and batteries); vi) stakeholder engagement, managing expectations and external grievance mechanism; vii) local procurement and employment to maximize local community benefits; and viii) building capacity in local enterprises.