USHER ECO POWER LIMITED (FMO-45042)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Nov 19, 2015
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
Usher Eco Power 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)
$ 14.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 14.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 7, 2018


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Project Description

According to FMO website, Usher Eco will become the first company in the world to set up a commercial scale silica extraction plant for producing "green" high quality precipitated silica from rice husk ash. This ash is generated by burning rice husk in the boiler of a rice husk fired biomass power plant. The financing will be used for setting up the silica extraction plant and to expand Usher Eco’s rice husk based waste-to-energy facility from 16 MW to 34 MW. 

The green silica extraction process is the result of close collaboration between the open innovation team of Goodyear Tire and Rubber Company, the Indian Institute of Science Bangalore and Usher Eco. The produced silica will be used by Goodyear to replace carbon black and traditional silica in the high performance tires. Compared to carbon black and traditional silica, "green" silica reduces rolling resistance. Lower rolling resistance, in turn, improves a car's fuel economy. FMO classifies this as a green transaction due to the environmental impact and the closed-loop production process, resulting in zero waste:

1. Paddy milling results in rice and rice husk

2. Rice husk (biomass) is used to generate energy

3. Ensuing ash is used as input for the silica extraction. The silica extraction process allows extraction without using aggressive chemicals and at significantly lower temperatures than under the conventional process

4. Remaining waste product can be applied as fertilizer.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism