Pacific Renewable Energy (IFC-600131)

Countries
  • Papua New Guinea
Where the impacts of the investment may be experienced.
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
Active
Bank Risk Rating
U
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
Sep 30, 2014
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.
Sectors
  • Energy
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Project Cost (USD)
$ 1.76 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 Feb 15, 2021

Disclosed by Bank May 4, 2015


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank's website, "This project seeks to address the disparity between demand and supply in energy markets in Papua New Guinea and other Pacific Island Countries (PICs). Despite increasing demand for energy from both businesses and households in the Pacific, energy access is still expensive and unreliable. The countries also remain largely dependent on fossil fuels to meet their current energy needs despite an abundance of renewable energy resources.

The broad components of the project are:
-Customized Advice to Individual Firms: (a) Augmenting energy supply through renewable energy; (b) Replacing Fossil Fuel based energy with Renewable energy (RE) sources; (c) developing energy need solutions that are bankable and replicable.
-Advisory Services to current and potential strategic clients
-Market Intelligence and Dissemination to: (i) create awareness of how to structure bankable renewable energy projects and (ii) create a potential pipeline of relatively realistic opportunities for IFC and other third party financial institutions."

Investment Description

Contact Information

No contact information provided at time of disclosure.

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/