Nur Sherabad Solar PV FE LLC (FMO-62049)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Specific Location
Sherabad
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
  • Netherlands Development Finance Company (FMO)
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
Apr 19, 2023
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
Nur Sherabad Solar PV FE LLC
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)
$ 6.13 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)
$ 6.13 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.
Bank Documents
Corporate Actor Documents
Media Documents
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 23, 2024

Disclosed by Bank Feb 28, 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 FMO, the latter participates as a B-lender with EBRD in the lead. Long term financing will be used to fund the investments needed for the construction of the solar powered project. Such long-term funding is not available from local banks.
The funding contributes to the Company's construction and expansion of their renewable energy assets in the country, accelerating the sustainable energy transition in Uzbekistan.

For a Russian version of the FMO's disclosure, access this link https://www.fmo.nl/sherabad-solar.

Masdar's dedicated webpage is available at this link https://masdar.ae/Masdar-Clean-Energy/Projects/Sherabad-Solar-Project.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

FMO's E&S category for this transaction is B+, with key risks relating to land acquisition and potential permanent physical and economic displacement of people.

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 the FMO, Sherabad Solar is a renewable energy company who will build, own and operate an up to 457 MW solar-power project in Uzbekistan. The company is owned by Masdar which is ultimately owned by Mubadala Investment Company, Taqa and Abu Dhabi National Oil Company. Established in 2006, Masdar is a global leader in renewable energy and sustainable urban development, active in over 25 countries (with credit ratings: Fitch (A+) and Moody's (A2)).

As stated on the company's website, Mubadala is a sovereign investor managing a diverse portfolio of assets in the UAE and abroad.
 
As stated by Bloomberg:
Abu Dhabi National Energy Company - TAQA is a global energy company with operations in power generation, water desalination, upstream oil/gas, pipelines, gas storage and LNG regas.
Abu Dhabi National Oil Company (ADNOC) explores and produces petrochemical products. The Company offers processing, refining, marketing, and distribution of crude oil, petroleum, gas, sulfur, and petrochemical products. ADNOC serves customers worldwide.
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 National Energy Company PJSC - TAQA Parent Company Energy owns Abu Dhabi Future Energy Company PJSC - Masdar Parent Company Energy
Abu Dhabi National Oil Company Parent Company Energy owns Abu Dhabi Future Energy Company PJSC - Masdar Parent Company Energy
Mubadala Investment Company Parent Company Finance owns 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:

Address: Presidential Flight, Khalifa City A, Abu Dhabi, UAE, P.O. Box 54115
Phone: +971 2653 3333
Fax: +971 2653 6002
Website: https://masdar.ae/

Parent Companies (of Masdar) -

Mubadala Investment Company:

Address: Al Mamoura A Building, Abu Dhabi 45005
Phone: +971 2413 0000
Email: contact@mubadala.com
Website: https://www.mubadala.com/
 
Abu Dhabi National Energy Company PJSC - TAQA:
 
Address: Al Maqam Tower (Tower 3), Abu Dhabi Global Market Square, Al Maryah Island, P.O. 55224 Abu Dhabi UAE
Email: info@taqa.com
Phone: +971 2691 4666
Fax: +971 2691 4900
Website: https://www.taqa.com/
 
Abu Dhabi National Oil Company:
 
Address: Corniche road west, P O Box. 898 Abu Dhabi, UAE
Phone: +971 2 7070000
Fax: +971 2602 3389 / +971 2 7071334
Email: info@adnoc.ae
Website: https://www.adnoc.ae/

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works