Fairway WtE (IFC-40216)

Countries
  • Sri Lanka
Geographic location where the impacts of the investment may be experienced.
Specific Location
Karadiyana, Colombo
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
Proposed
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
Jun 19, 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
FAIRWAY WASTE MANAGEMENT (PVT) LTD
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)
$ 7.00 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)
$ 67.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 19, 2018

Disclosed by Bank May 17, 2018

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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.

According to IFC, the proposed project is a 13.2 MW, 615 tons per day waste to energy (“WtE”) plant to be implemented by Fairways Waste Management Pvt. Ltd., a subsidiary of Fairways Holding Private Ltd. The Ministry of Megapolis and Western Development, Colombo, Sri Lanka awarded a concession for 22.5 years to the Company in 2017. The Project will include a mass incineration facility with capacity of 500 tpd of Municipal Solid Waste, an anaerobic digestion facility for segregated organic waste of up to 115 tpd and a 1 km transmission line for evacuation of power. It is anticipated that the Project will produce 80 GWh of electricity annually, which will be supplied to the Ceylon Electricity Board (CEB) as well as solid and liquid digestate. Currently 500 tpd of MSW from 8 local authorities from the suburbs of Colombo is dumped at the Karadiyana dump site. These 8 local authorities are: Dehiwala-Mount Lavinia, Moratuwa, Maharagama, Boralesgamuwa, Kesbewa, Piliyandala and Homagama. After the Project becomes operational, WMA will permanently stop dumping waste at the Karadiyana dump site, and all MSW will be diverted to the Project for incineration.

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

The remaining is expected to be financed by commercial banks and sponsors equity.                                      

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.

Fairway Holding Private Ltd., a Sri Lankan conglomerate founded with its core business in real estate development is the largest shareholder of Fairway Waste Management Pvt. Ltd. The remaining beneficial owners are Sri Lankan individuals and the Waste Management Authority (“WMA”), Western Province, Sri Lanka      

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ceylon Electricity Board Buyer -
- - - - Fairway Holding Private Ltd. Investor -
- - - - Fairway Waste Management Pvt. Ltd. Client -

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.

Fairway Waste Management Pte Ltd
Miss. Lakmali Denawaka
Compliance and Regulatory Affairs
+94775726379
lakmali.d@fairwaywastemanagement.com
No 100, Buthgamuwa Road, Rajagiriya. Sri Lanka
www.fairwaywastemanagement.com

 

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/

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How it works