Al Subh Solar Power S.A.E, Sunrise Energy S.A.E, and Rising Sun Energy S.A.E are Special Purpose Vehicles for the development, construction, operation, and maintenance of solar photovoltaic (PV) power plants with a capacity of 50MW each, located within the Benban Solar Park. Benban Solar Park is a 36 sq km plot composed of 32 operational power plants that are operated by different companies, near the village of Benban in Egypt. All project developers have formed the Benban Solar Developers Association (BSDA) to manage the entirety of the Solar Park.

IFC Projects: In July 2017, the IFC Board approved solar energy projects in Egypt, each consisting of a 50 MW greenfield solar PV plant under Round 2 of Egypt's feed-in-tariff (FiT) scheme for solar and wind energy. The projects were developed by Special Purpose Vehicles (SPVs) owned by a joint venture (JV) led by Acciona Energía Global and ENARA Bahrain SPV WLL. The JV partners, which include Acciona and ENARA Bahrain, each hold a 50% stake in the SPVs. The projects were financed with a total cost of around US$64 million per plant, with IFC providing US$15.3 million in loans and syndications of US$37.5 million per project. The remaining financing came from equity. All projects achieved Commercial Operation Date (COD) in March 2019.

MIGA Projects: In 2018, MIGA issued guarantees of $14.49 million each to Acciona Energía Global and ENARA Bahrain SPV WLL for their investments in three solar projects: Rising Sun Energy S.A.E., Sunrise Energy S.A.E., and Al Subh Solar Power S.A.E. The guarantees cover risks related to Transfer Restrictions, Expropriation, War and Civil Disturbance, and Breach of Contract, with a 15-year duration. These projects are also part of Egypt’s Round 2 feed-in-tariff program.

In March 2024, CAO received a complaint submitted by three individuals from Benban village regarding their employment by Securitas Egypt in the Benban Solar Park in Aswan, Egypt. One individual was delegated to represent all three complainants. The complaint raised concerns about non-renewal of employment contracts, unfavorable working conditions, and perceptions of threats and reprisals.

In May 2024, CAO found the complaint eligible and began its assessment. caoDuring CAO’s assessment, the parties agreed to participate in a dispute resolution process.  In accordance with the CAO policy, the complaint has been transferred to CAO's Dispute Resolution function.

The Assessment Report is available in English and Arabic.