This investment was made when British International Investment was named CDC Group.
Our investment
Description of the investment.
Description of the investment.
In late 2017, we invested $11.6 million in the Phoenix Power plant as part of an initial commitment of $97 million and ultimate investment of $92 million into the Nubian Suns projects.
The project is part of a $653 million debt package, backed by a syndicate of nine international lenders: IFC, Africa Development Bank, Asian Infrastructure Investment Bank, Arab Bank (Bahrain), CDC, Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and Austria’s OeEB.
Our financing will support the construction of nine solar power plants at the Benban Solar Park, contributing to 390MW of capacity.
Expected impact
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
Estimates suggest that 18 per cent of Egypt’s power capacity is inaccessible due to poor maintenance. In 2014 and 2015, the state diverted nearly all fuel to electricity generation to meet peak summer power demand supplying to household consumers at the expense of heavy industry. These power shortages severely limit the country’s economic potential.
Our investment will generate 390MW of solar power and support 3,000 jobs during the construction phase.
The project is located in Upper Egypt which suffers from the highest rates of unemployment and poverty in the country. It is expected to provide clean, cost-effective power to over 350,000 residential customers.
The Egyptian government foresees 20 per cent of its power production originating from renewable sources by 2022.
A large portion will be in the form of solar projects but wind is projected to play an increasing role over the next five years. The promotion of renewable energy will help to develop another local source of energy supply, reducing the country’s import fuel bill, as well as meeting increased demand.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at enquiries@bii.co.uk
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2024
- Project number
:
An identifier number shared by investments in the same project.
- D2818
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- North Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Egypt
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Infrastructure
- Investment type :
- Debt
- Start date :
- October 2017
- Amount :
- $11.6m
- Currency of investment :
- USD
- Domicile
:
The company or investment fund’s place of incorporation.
- Egypt
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
