MGES Power (IFC-37045)

Countries
  • Iraq
Where the impacts of the investment may be experienced.
Specific Location
Sulaymaniah
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
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
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.
Voting Date
Dec 9, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Mass Global Energy Suleimanya Limited
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 250.00 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 @ IFC website

Updated in EWS Aug 11, 2017

Disclosed by Bank Oct 14, 2015


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Project Description
This project finances the ownership, operation, and expansion by Mass Global Energy Sulaymaniah Limited of a 1,000 Megawatt open-cycle gas-fired independent power plant with an ongoing 500MW steam turbine expansion to combined cycle in located in Sulaymaniah in the Kurdish Region of Iraq,
Investment Description
  • International Finance Corporation (IFC)
Mass Global Energy Sulaymaniah Limited was established for the ownership and operation of the Sulaymaniah independent power plant. Mass Global Energy Sulaymaniah Limited is owned by Mass Energy Group Holding Limited, an independent power producer, and owner of two other operating independent power plants in the Kurdish Region of Iraq for a total installed capacity of 3500MW. In addition, Mass Energy Group Holding Limited is also developing an independent power plant in Bismayah outside of Baghdad with a capacity of 3000MW. Mass Energy Group Holding Limited is part of the Mass group of companies, owned by Mr. Ahmed Ismail Saleh and his family. Mr. Saleh is an Iraqi entrepreneur with diverse business activities in Iraq, Jordan, Sudan and the UAE.
Contact Information
Name: Mr Shadi Abulkhair Title: Mass Group Holding Commercial Director Address: Wasfi Al Tal Street, Building 342 PO Box 546 Amman 11953 Jordan Telephone Number: + 962 79 9045999 Email Address: abulkhair@massgroupholdong ACCOUNTABILITY MECHANISM OF IFC 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/