Zorlu Solar I (IFC-39799)

Countries
  • Pakistan
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.
Voting Date
Dec 11, 2017
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
Zorlu Solar Pakistan (PVT.) Limited
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)
Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD)
$ 25.60 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)
$ 102.20 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 20, 2017

Disclosed by Bank Nov 6, 2017


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Project Description
Zorlu Enerji is a Turkish power company with a total installed capacity of 1,090MW and with operations in Turkey, Pakistan and Israel. Zorlu Enerji is listed on the Istanbul Stock Exchange with a market capitalization of approx. US$1 billion as of September 1, 2017, and is majority owned by Zorlu Holding A.S., a Zorlu family holding company. IFC has financed two prior projects with Zorlu Enerji, including the 135MW Rotor Elektrik wind project in Turkey and the 56.4MW wind project in Pakistan. The project consists of the construction, operation and maintenance of a 100MWp solar photovoltaic (“PV”) power plant that will be located in the extension of the Quaid-e-Azam Solar Park in the Cholistan Desert in Punjab province, Pakistan (the “Project”).
People Affected By This Project
The Project will: (i) help add new generation capacity and reduce the significant power supply deficit in Pakistan; (ii) diversify the energy mix in Pakistan and help harness indigenous solar resource; (iii) help reduce sector generation costs and enhance affordability, (iv) deliver climate change benefits by avoidance of greenhouse gas emissions, and (v) promote increased private sector participation in Pakistan's renewable power sector.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
PROJECT CONTACTS Zorlu Solar Pakistan (Pvt.) Limited Sami Oguz Foreign Investments Manager 00905395512683 sami.oguz@zorlu.com Levent 199, Büyükdere Caddesi, no 199, Floor 9, Levent/Sisli/Istanbul www.zoren.com.tr 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/