Masrik-1 Solar Power Plant (EBRD-50022)

Countries
  • Armenia
Where the impacts of the investment may be experienced.
Specific Location
Masrik municipality, Gegharkunik Province
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
  • European Bank for Reconstruction and Development (EBRD)
  • 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.
Borrower
FRV Masrik Closed Joint Stock Company
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • Infrastructure
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)
$ 20.30 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 @ EBRD website

Updated in EWS Jul 5, 2019

Disclosed by Bank May 17, 2019


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Project Description

According to the Bank's website, this project will provide financing for the construction and operation of a solar photovoltaic power plant located in the Sevan Lake Ramsar area. 

Potential adverse environmental and social impacts are associated mainly with the construction health, safety and social standards and capacity, land use and biodiversity management.

A project-specific Environmental and Social Management Plan is yet to be completed, but according to the Bank it will be comprehensive given the biodiversity in the surrounding area. 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)

The European Bank for Reconstruction and Development will mobilise financing from the European Union's Neighbourhood Investment Platform. 

The International Finance Corporation will be co-financing this project. 

Private Actors

FRV Masrik CJSC is a special purpose vehicle established for the development, construction and operation of the project. The company is 75% owned by FRV La Providencia SL and 25% owned by FSL Solar SL. 

Contact Information

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

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.