Tina Hydropower Limited (MIGA-12943)

Countries
  • Solomon Islands
Geographic location where the impacts of the investment may be experienced.
Specific Location
Honiara
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
  • 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."
Borrower
Hyundai Engineering Co., Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Hydropower
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 14.10 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 @ MIGA website

Updated in EWS Oct 22, 2019

Disclosed by Bank Jul 19, 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 website, "...The investors have applied for MIGA guarantees of US$14.1 million for a period of 20 years against the risks of Transfer Restriction, Expropriation, War and Civil Disturbance and Breach of Contract.

The Project is to develop, construct, finance, operate and maintain a 15 megawatt hydropower plant on a build-own-operate-transfer ("BOOT") basis. The Project is located on the Tina River, 20 kilometers southeast of Honiara, the capital city of the Solomon Islands. The Project will be developed by THL, a special purpose company owned by K-water and HEC. THL will sell electricity to the Solomon Islands Electricity Authority ("SIEA"), the state-owned vertically integrated power utility, under a 30-year power purchase agreement ("PPA"). THL also signed the Implementation Agreement ("IA") and the Government Guarantee Agreement ("GGA") with the government of the Solomon Islands on December 6, 2018.

The Project is the first utility scale hydropower project and the first BOOT project in the Solomon Islands. The Project is expected to generate power of 78.35 gigawatt hours per annum."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hyundai Engineering Company, Ltd (HEC) Client -
- - - - Korean Water Resources Corporation (K-Water) Investor -

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.

No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF MIGA

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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