Solar Power Development (ADB-49339-001)

Countries
  • Samoa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
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
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
Aug 4, 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
Jarcon Pty Ltd. and Sun Pacific Energy 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.
Investment Amount (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 11, 2019

Disclosed by Bank Mar 21, 2018


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Project Description

According to the bank website, the proposed financing will expand an existing 2.2MW solar farm that has been in operation since April 2015. The existing facility was completed in December 2015. The project sponsor has already invested about $3.5 million for the construction of the existing solar farm that has generated approximately $1.7 million in revenues since starting operations. An independent power producer, Sun Pacific Energy Limited, is the owner and operator of the plant. The plant currently sells 3.5 million kilowatt-hours (kWh) of solar power per year to EPC, the national utility company. With the proposed expansion, the energy yield is expected to increase up to 6 million kWh per year.

Investment Description
  • Asian Development Bank (ADB)
Private Actors
Contact Information

Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Ahmed, Salman

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main