Masrik Solar (IFC-41106)

Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Municipality of Mets Masrik
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
Jul 24, 2019
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
FRV MASRIK CJSC
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 Amount (USD)
$ 11.00 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)
$ 57.00 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.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS May 11, 2021

Disclosed by Bank May 29, 2019

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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 the Bank's website, this project finances the development, construction, operation and maintenance of a solar photovoltaic plant located in the municipality of Mets Masrik. The plant will be connected to the national grid through a 9.2km high voltage overhead transmission line also financed as part of the project. 

An environmental and social action plan has been created. The project site is 7km from Lake Sevan. 

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

Finland-IFC Climate Change Programme (FINCP) is considering providing a loan of USD11 million and a mezzanine loan of up to USD3.5 million. 

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.

FRV Masrik CJSC is a special purpose company incorporated in Armenia, wholly owned by FRV La Providencia SL (75%) and FSL Solar SL (25%). 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - FRV La Providencia, SL Parent Company -
- - - - FRV Masrik Closed Joint Stock Company Client -
- - - - FSL Solar SL 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.

Fotowatio Renewable Ventures 
Cyril Perrotey 
Senior Business Development Manager 
+971 4 2495633 
cyril.perrotey@frv.com 
Units 1403-1404, 14th Floor,Jumeirah Business Center 1,Cluster G, Jumeirah Lakes Towers P.O. Box, 392632 Dubai, United Arab Emirates 
www.frv.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/

How it works

How it works