According to AIIB website, the proposed project involves construction and operation of a 50 MW, photovoltaic solar power plant located at Pulavanvayal village of Kalayarkoiltaluk in Sivagangai district in the state of Tamil Nadu. The Project will be developed under group captive regulations of open access policy in the Electricity Act 2003 that allows it to directly sell electricity to a diversified set of C&I off-takers. The objective of the project is to support the development of solar generation in India under open access group captive model.
The Project will be co-financed with the Asian Development Bank (ADB) as lead co-financier, and its environmental and social (ES) risks and impacts have been assessed in accordance with the ADB’s Safeguard Policy Statement (SPS), 2009. To ensure a harmonized approach to addressing ES risks and impacts of the Project, and as permitted under AIIB’s Environmental and Social Policy (ESP), ADB’s SPS will apply to the Project in lieu of AIIB’s ESP.
The Project involves AIIB providing senior, secured, redeemable non-convertible debentures (NCD) up to INR1,200 million. The Project is being co-financed with the ADB who will provide the remaining portion of the required debt.
Each special purpose vehicle (SPV) will sign separate debenture deeds with the following amounts:
• FPEL Mitra Private Limited: INR448 million
FP Suntastic Private Limited: INR253 million
FP Orion Private Limited: INR499 million
Fourth Partner Energy Private Limited is the Sponsor and will own up to 74% in each of the SPVs. The remaining shareholding will be held by C&I offtakers, as per the regulatory requirement for projects under group captive regulations of open access policy in the Electricity Act 2003.
Seung Myun Lee
Senior Investment Operations Specialist
Jignasa Jani Visaria
Head- Renewable Capital (Risk Management & Project Finance) email@example.com
ACCESS TO INFORMATION
You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html
ACCOUNTABILITY MECHANISM OF AIIB
The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html
The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html