Ecocity Captive Power (IFC-601307)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Chennai, Tamil Nadu
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
Closed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 23, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 1.20 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 1.20 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 18, 2022

Disclosed by Bank Mar 1, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Mahindra World City Developers Ltd desires to introduce private sector participation to promote a Group Captive Power solution wherein participating tenants (Tenant Companies) of the Mahindra World City (MWC) in Chennai will benefit from the advantages of collaborative procurement of sustainable power and other facilities/solutions due to aggregation of demand.

Tenants co-located within the industrial zone have advantages of collaborative procurement since they share a common landlord and can support aggregation of demand. In addition to group captive from wind/solar, aggregation of roof-space may also result in competitive rates for rooftop PV installation, because of economies of scale, buyers may also realize a decrease in installation and transaction costs.

The Project will involve establishing a Group Captive Power Solution between participating tenants (Tenant Companies) of the Mahindra World City (MWC) in Chennai and a power supplier using renewable energy. It entails establishing consensus among willing tenant companies to enter into a Power Purchase Agreement (PPA) with a power supplier that would be selected through a competitive bidding process. Upon selection of the power supplier (Winning Bidder), a Special Purpose Vehicle (SPV), with participation of the Tenant Companies, will be formed that will enter into a PPA with the Winning Bidder.

 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The expected development impact will be:

1. Establishment of the group captive RE power solution approach for large township in the country through techno-commercial and legal due diligence.
2. Opening of new market for investors and all stakeholders of RE power market in the country.
3. New approach for brand companies to achieve their de-carbonization targets.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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/

How it works

How it works