Yerevan CCGT (IFC-39630)

Countries
  • Armenia
Where the impacts of the investment may be experienced.
Specific Location
Yerevan
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
  • Asian Development Bank (ADB)
  • International Finance Corporation (IFC)
  • 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.
Voting Date
Mar 5, 2018
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
ARMPOWER CSJC
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)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 272.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 9, 2018

Disclosed by Bank Dec 27, 2017


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Project Description

This project provides financing to ArmPower for the construction of a 250MW greenfield combined-cycle gas turbine power plant in Yerevan.

Investment Description
  • Asian Development Bank (ADB)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors

The project is being implemented by ArmPower CSJC, a special purpose entity owned by the Italian company RENCO S.P.A. The project is being developed by a consortium including Renco S.p.a., Simest S.p.a. and Siemens Project Ventures. Renco, present in Armenia since the last sixteen years, is an Italian company with core activities encompassing engineering and construction services in the energy, oil & gas and infrastructure sectors.

Simest S.p.a is an Italian development finance institution (established in 1991), to promote international development of Italian companies by providing technical and financial support. Siemens Project Ventures is part of Siemens AG, a German conglomerate focused on areas of electrification, automation and digitalization. Siemens is a leading supplier of power generation and transmission systems.

Contact Information

ArmPower CJSC
Christian Cucurachi
Director
+374 10 590799
cristian.cucurachi@renco.it
Vazgen Sargsyan Street 10, Kentron, 00010 Yerevan

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/