Farasis Energy (IFC-38874)

Countries
  • China
Where the impacts of the investment may be experienced.
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
Proposed
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.
Borrower
Farasis Energy INC
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
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)
$ 40.00 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 4, 2017

Disclosed by Bank Apr 13, 2017


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Project Description
IFC is considering to provide up to US$40 million convertible loan ("C Loan) for Farasis Energy Inc. (“Farasis” or the “Company”) to fund the Company's expansion in Ganzhou, Jiangxi Province, China.
People Affected By This Project
1. Helping China address climate change challenges by financing a company that manufactures energy and cost efficient battery for electric vehicles. 2. The success of this Project is expected to accelerate the development of the electric vehicle industry in China and promote the replacement of vehicles powered by traditional fuel with electric vehicles, thus decreasing the overall carbon emissions and improving cost efficiency over time. 3. The Project is also expected to generate direct and indirect jobs along the value chain.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
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/ CONTACTS Farasis Energy. Inc Tony Chen CFO +86 15811587835 tonychen@farasis.com 21363 Cabot Blvd. Hayward, CA94545 www.farasis.com LOCAL ACCESS FOR PROJECT DOCUMENTATION Mr. Tony Chen Jin Ling Xi Lu, Ganzhou Development Zone Ganzhou, Jiangxi Province China