Ayg-1 Solar Power Plant (EBRD-53283)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Talin, Ashnak, Katnaghbyur, Dashtadem (Aragatsotn Region)
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, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Jan 24, 2024
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.
Borrower
Abu Dhabi Future Energy Company PJSC - Masdar (Parent Company)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 41.00 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.
Loan Amount (USD)
$ 41.00 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)
$ 186.60 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.
Corporate Actor Documents
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 16, 2024

Disclosed by Bank Oct 17, 2023

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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.

As stated by the EBRD, the project consists of a secured limited recourse project finance facility to the Client in the amount of up to USD 41mm coupled with a concessional loan to the Client of up to USD 6mm by Clean Technology Fund to finance the development, design, construction and operation of a 200MWac solar photovoltaic power plant located in towns of Talin and Dashtadem of the Aragatsotn Region in the west of Armenia. The Borrower is a limited liability company incorporated in Armenia and 85% owned by Abu Dhabi Future Energy Company PJSC - Masdar.

The Project will contribute to the strategic priority of the Government of Armenia to increase the share of renewable projects in the national energy mix and decrease its reliance on the fossil-fueled generation. It will contribute to the mitigation of climate impact by adding 200 MWac of solar generation capacity to the national energy system corresponding to expected reduction of CO2 emissions by up to 169,000 tonnes per annum.

The area of land required for the solar photo-voltaic (PV) site is 525ha which is located in modified habitat on low quality agricultural land in Talin community. The short (c.300m) new overhead line will connect to an existing sub-station line passing through adjacent to the site.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, Masdar Abu Dhabi Future Energy Company provides renewable energy solutions. The Company offers clean energy development, sustainable procurement, and supply chain consultancy services. Masdar Abu Dhabi Future Energy serves customers worldwide.

The Borrower is a limited liability company incorporated in Armenia and 85% owned by Abu Dhabi Future Energy Company PJSC - Masdar.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Abu Dhabi Future Energy Company PJSC - Masdar Parent Company Energy

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.

Parent Company - Abu Dhabi Future Energy Company PJSC (Masdar):

Vipul Goyal
Email: vgoyal@masdar.ae
Website: https://masdar.ae/
Address: PO Box 54115, Abu Dhabi, UAE

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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

How it works

How it works