Tina Hydropower Limited (MIGA-12943)

Countries
  • Solomon Islands
Where the impacts of the investment may be experienced.
Specific Location
Honiara
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Hyundai Engineering Co., Ltd.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 14.10 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 22, 2019

Disclosed by Bank Jul 19, 2019


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Project Description

According to the bank website, "...The investors have applied for MIGA guarantees of US$14.1 million for a period of 20 years against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance and Breach of Contract.

The Project is to develop, construct, finance, operate and maintain a 15 megawatt hydropower plant on a build-own-operate-transfer ("BOOT") basis. The Project is located on the Tina River, 20 kilometers southeast of Honiara, the capital city of the Solomon Islands. The Project will be developed by THL, a special purpose company owned by K-water and HEC. THL will sell electricity to the Solomon Islands Electricity Authority ("SIEA"), the state-owned vertically integrated power utility, under a 30-year power purchase agreement ("PPA"). THL also signed the Implementation Agreement ("IA") and the Government Guarantee Agreement ("GGA") with the government of the Solomon Islands on December 6, 2018.

The Project is the first utility scale hydropower project and the first BOOT project in the Solomon Islands. The Project is expected to generate power of 78.35 gigawatt hours per annum."

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information

No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/