Zorlu Solar I (IFC-39799)

  • Pakistan
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 11, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Zorlu Solar Pakistan (PVT.) Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 25.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a 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
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
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/

How it works

How it works