Tulu Moye Geothermal Operations Plc (MIGA-14276)

Countries
  • Ethiopia
Geographic location where the impacts of the investment may be experienced.
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.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Tulu Moye SAS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 67.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 22, 2021

Disclosed by Bank Mar 18, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

On March 10, 2021, MIGA issued a guarantee for US$67.5 million to Tulu Moye SAS of France to cover its equity and quasi-equity investments in Tulu Moye Geothermal Operations Plc of Ethiopia against the risks of Breach of Contract, Expropriation and War and Civil Disturbance for a period of up to 15 years. Tulu Moye SAS is jointly owned byMeridiam SAS of France and Reykjavik Geothermal Ltd. of Iceland. In this project, MIGA will share a first loss layer with the IDA Private Sector Window MIGA Guarantee Facility.

The Project involves the design, development, construction, operation and maintenance of Phase 1 of an up to 150 mega-watt (MW) greenfield geothermal power plant in the Oromia region of Ethiopia, located approximately 100 kilometers southeast of Addis Ababa.

The Project is a Category A under MIGA's Policy in Environmental and Social Sustainability (2013) because it has potentially significant adverse environmental and social (E&S) risks and impacts. The most significant E&S risks include: land acquisition and involuntary resettlement; impact on water resources (water use and effluent discharge); waste generation (e.g. drill cuttings/fluids); impacts on biodiversity; air, noise and nuisance odor emissions; and occupational and community health and safety. Additional E&S impacts include the cumulative impacts associated with the potential development of future phases of the Project.Clickhereto view the Environmental and Social Review Summary.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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Project contact information not provided at the time of disclosure.

 

ACCESS TO INFORMATION

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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

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