Swicorp & ACCIONA achieves good progress with the construction of their 186MWac PV power project in Egypt

RIYADH – 27 September 2018: Swicorp Company , the leading Middle East Private Equity company) alongside its partner Acciona Energia achieve financial close and break ground on their 186MW PV Power project in Egypt.

This project marks Swicorp’s first renewable energy investment alongside its partner ACCIONA Energia, after the launch of its dedicated Renewable Energy Investment Platform (“ENARA”) which already has a pipeline of circa 1GW of renewable energy projects across Africa and the Middle East.

Swicorp’s ticket is structured through a Bahraini investment vehicle, ENARA Bahrain SPV WLL (“ENARA BH”), managed by Swicorp and funded by the Investment Fund for Development Countries (IFU; Danish DFI), KCC (a leading South Korean Industrial conglomerate), Shoaibi Group (Saudi Family office) and a family office from the MENA region.

ENARA BH will eventually own 50% of 3 solar PV plants with a combined capacity exceeding 180MWp in the Benban solar complex in Aswan, Egypt. The remaining 50% will be owned by ACCIONA Energia (Swicorp renewable Energy partner in the region). The total projects cost is of circa USD 190M. The debt will be mainly provided by the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), the Industrial and Commercial Bank of China (ICBC) and the Europe Arab Bank (EAB).

“These projects represent our first investment under ENARA, our Renewable Energy Investment platform. We are very proud to be working with our partners ACCIONA and are looking forward to materializing further projects in our pipeline across the MEA Region. We have been successful in bringing together an international consortium of sophisticated and well-established investors who have entrusted us in managing this investment to yield the right returns for everyone” said Rabeaa Fattal, Executive Director at Swicorp (UAE) and Head of ENARA Renewable Energy Investment Platform.

“This important investment in solar plants with Swicorp and ACCIONA will have great local impact in the form of local employment and increased supply of sustainable power, which is fundamental for the economic development in Egypt,” says Anders Paludan-Müller, Investment Director in IFU.

“We are very pleased to increase our presence in an area with great potential in the long run for the renewable energy sector as is North Africa, working with such reputable partner as Swicorp with the support of IFC and AIIB”, says ACCIONA Energía CEO Rafael Mateo.

The projects being developed under Egypt’s Feed in Tariff scheme, were granted a 25-year Power Purchase Agreement and will sell power to state-owned power utility Egyptian Electricity Transmission Company (EETC). The 1.8 GW Benban solar complex represents the larger portion of the 2 GW of PV capacity allocated by the Egyptian government for the Feed in Tariff scheme. Egypt’s aim is to source 20% of its energy from renewables by 2020.

Swicorp is a private financial services group providing solutions in the spheres of investment banking, private equity and asset management in the Middle East and North Africa. Founded in 1987 Swicorp has also developed into one of the leading players in the Private Equity sector in the MENA region, raising nearly US$ 1.4 billion in various private equity funds from investors since 2004. Swicorp is licensed in Saudi Arabia by the Capital Market Authority (CMA), license number: 12161-37 and is headquartered in the 49th floor, Kingdom Tower, Riyadh.

About Swicorp

Energía Acciona Energía is a global operator in renewable energies with 25 years’ experience in the sector and over 9,000 MW under its ownership. It owns and operates 222 wind farms totalling 7,613 MW; 76 hydro plants (876 MW); photovoltaic plants totalling 389 MWp, and a thermoelectrical plant (64 MW). The company markets energy to large clients.


It belongs to the ACCIONA Group, a leader in sustainable solutions for infrastructures and renewable energy projects worldwide. Its range of services covers the entire value chain of design, construction, operation and maintenance. The company earned revenues of 7,254 million euros in 2017, has a presence in more than 40 countries and carries out its activities within a commitment to the economic and social development of the communities it operates in. ACCIONA’s aim is to lead the transition to a low-carbon economy and does this by applying criteria of quality and innovation processes to all its projects with a view to optimizing the efficient use of resources and caring for the environment.