Yerevan CCGT (IFC-39630)

Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Yerevan
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
  • Asian Development Bank (ADB)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Mar 5, 2018
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
ARMPOWER CSJC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • 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)
$ 65.00 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)
$ 272.00 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.
Campaign Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 25, 2020

Disclosed by Bank Dec 27, 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.

This project provides financing to ArmPower for the construction of a 250MW greenfield combined-cycle gas turbine power plant in Yerevan.

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.

The project is being implemented by ArmPower CSJC, a special purpose entity owned by the Italian company RENCO S.P.A. The project is being developed by a consortium including Renco S.p.a., Simest S.p.a. and Siemens Project Ventures. Renco, present in Armenia since the last sixteen years, is an Italian company with core activities encompassing engineering and construction services in the energy, oil & gas and infrastructure sectors.

Simest S.p.a is an Italian development finance institution (established in 1991), to promote international development of Italian companies by providing technical and financial support. Siemens Project Ventures is part of Siemens AG, a German conglomerate focused on areas of electrification, automation and digitalization. Siemens is a leading supplier of power generation and transmission systems.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ArmPower CSJC Client -
- - - - Renco S.p.A Parent Company -
- - - - Siemens Parent Company -
- - - - Siemens Project Ventures GmbH Parent Company -
- - - - Simest S.p.A Parent Company -

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.

ArmPower CJSC
Christian Cucurachi
Director
+374 10 590799
cristian.cucurachi@renco.it
Vazgen Sargsyan Street 10, Kentron, 00010 Yerevan

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