Ecocity Captive Power (IFC-601307)

Countries
  • India
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
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
Dec 23, 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.
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, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 1, 2017

Disclosed by Bank Mar 1, 2017


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Project 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
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
  • International Finance Corporation (IFC)
Contact Information
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