Masrik Solar (IFC-41106)

Countries
  • Armenia
Where the impacts of the investment may be experienced.
Specific Location
Municipality of Mets Masrik
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
Jul 24, 2019
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
FRV MASRIK CJSC
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 Amount (USD)
$ 11.00 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)
$ 57.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 5, 2019

Disclosed by Bank May 29, 2019


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Project Description

According to the Bank's website, this project finances the development, construction, operation and maintenance of a solar photovoltaic plant located in the municipality of Mets Masrik. The plant will be connected to the national grid through a 9.2km high voltage overhead transmission line also financed as part of the project. 

An environmental and social action plan has been created. The project site is 7km from Lake Sevan. 

People Affected By This Project

The project's development impact includes: (i) Reduction of GHG emissions, by increasing the share of electricity supply from renewable sources, (ii) Improving energy security and lowering generation costs, by reducing the country's reliance on imported fuels for power generation, and (iii) Further strengthening competitiveness of the sector, by supporting the development of the first competitively tendered utility-scale solar IPP in the country.

Investment Description
  • International Finance Corporation (IFC)

Finland-IFC Climate Change Programme (FINCP) is considering providing a loan of USD11 million and a mezzanine loan of up to USD3.5 million. 

Private Actors

FRV Masrik CJSC is a special purpose company incorporated in Armenia, wholly owned by FRV La Providencia SL (75%) and FSL Solar SL (25%). 

Contact Information

Fotowatio Renewable Ventures 
Cyril Perrotey 
Senior Business Development Manager 
+971 4 2495633 
cyril.perrotey@frv.com 
Units 1403-1404, 14th Floor,Jumeirah Business Center 1,Cluster G, Jumeirah Lakes Towers P.O. Box, 392632 Dubai, United Arab Emirates 
www.frv.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/