Tulu Moye Geothermal Operations Plc (MIGA-14276)

Countries
  • Ethiopia
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
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
Tulu Moye SAS
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 67.50 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 Aug 22, 2021

Disclosed by Bank Mar 18, 2021


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Project 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

Contact Information

Project contact information not provided at the time of disclosure.

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/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