Fairway WtE (IFC-40216)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Specific Location
Karadiyana, Colombo
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
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
Jun 19, 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
FAIRWAY WASTE MANAGEMENT (PVT) LTD
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.
Investment Amount (USD)
$ 7.00 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)
$ 67.00 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 Jun 19, 2018

Disclosed by Bank May 17, 2018


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Project Description

According to IFC, the proposed project is a 13.2 MW, 615 tons per day waste to energy (“WtE”) plant to be implemented by Fairways Waste Management Pvt. Ltd., a subsidiary of Fairways Holding Private Ltd. The Ministry of Megapolis and Western Development, Colombo, Sri Lanka awarded a concession for 22.5 years to the Company in 2017. The Project will include a mass incineration facility with capacity of 500 tpd of Municipal Solid Waste, an anaerobic digestion facility for segregated organic waste of up to 115 tpd and a 1 km transmission line for evacuation of power. It is anticipated that the Project will produce 80 GWh of electricity annually, which will be supplied to the Ceylon Electricity Board (CEB) as well as solid and liquid digestate. Currently 500 tpd of MSW from 8 local authorities from the suburbs of Colombo is dumped at the Karadiyana dump site. These 8 local authorities are: Dehiwala-Mount Lavinia, Moratuwa, Maharagama, Boralesgamuwa, Kesbewa, Piliyandala and Homagama. After the Project becomes operational, WMA will permanently stop dumping waste at the Karadiyana dump site, and all MSW will be diverted to the Project for incineration.

Investment Description
  • International Finance Corporation (IFC)

The remaining is expected to be financed by commercial banks and sponsors equity.                                      

Private Actors

Fairway Holding Private Ltd., a Sri Lankan conglomerate founded with its core business in real estate development is the largest shareholder of Fairway Waste Management Pvt. Ltd. The remaining beneficial owners are Sri Lankan individuals and the Waste Management Authority (“WMA”), Western Province, Sri Lanka      

Contact Information

Fairway Waste Management Pte Ltd
Miss. Lakmali Denawaka
Compliance and Regulatory Affairs
+94775726379
lakmali.d@fairwaywastemanagement.com
No 100, Buthgamuwa Road, Rajagiriya. Sri Lanka
www.fairwaywastemanagement.com

 

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/