Accelerating Renewable Energy Integration and Sustainable Energy (WB-P172788)

Countries
  • Maldives
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 27, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Maldives
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 117.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS May 18, 2020

Disclosed by Bank Dec 4, 2019


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Project Description

According to the bank document, the project objective is "to increase generation capacity from renewable energy sources and facilitate integrationof renewable energy" The project aims to get results of Cumulative Installed Generation Capacity of Solar PV and Private Capital Mobilized.

Investment Description
  • World Bank (WB)

Co-financing:
Private Sector Equity US$ 50 million
Other IFIs US$ 10 million
Trust Fund US$ 20 million
Government US$ 36 million

Contact Information

World Bank
Amit Jain, Joonkyung SeongSenior Energy Specialist

Borrower/Client/Recipient
Ministry of Finance
Ibrahim Ameer
Minister of Finance
dmd@finance.gov.mv

Implementing Agencies
Ministry of Environment
Hussain Rasheed Hassan
Minister of Environment
secretariat@environment.gov.mv

FENAKA Corporation Limited
Mohamed Rasheed,Chairman
mohamed.rasheed@fenaka.com.mv

State Electric Company Limited (STELCO)
Hassan Mughnee, Managing Director
admin@stelco.com.mv

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx .