Six International Financial Corporation Projects in Asia Win Awards for Infrastructure Development
This year marks six decades of IFC work in developing countries and emerging markets. A milestone made all the sweeter with six recently awarded projects in Asia Pacific. The Asset, a regional publisher and multi-media company, drew attention to IFC’s impactful contribution to infrastructure in the region at its awards dinner on June 30. IFC received seven of the 50 accolades at The Asset Triple A Asia Infrastructure Awards 2016. IFC Regional Director for East Asia Pacific, Vivek Pathak, joined the IFC teams on stage in Hong Kong. “Our infrastructure work, especially in this region, is pivotal to the development of emerging markets and connects people to essential resources such as water and energy.”
Among the projects honored were two renewable energy projects in Pakistan. Both Gulpur Hydropower Project and Tenaga Generasi Wind Power Project won Best Energy/Renewable Energy Deal of the Year. Gulpur Hydropower is one of three hydropower projects in the country addressing severe power shortages. The judging panel said: “[The project] could serve as a precedent for developing future Pakistani hydropower projects as the government makes a push into additional renewable technology.” Tenaga Generasi Wind Power Project is making important inroads with wind power generation as one of the first of its kind in Pakistan to operate under the country’s Upfront Tariff regime, which transfers risk from the power purchaser to the power company. The Asset also praised IFC for its five-year green Masala bonds which raised 3.15 billion rupees for private sector investments that address climate change in India. IFC has invested the proceeds of the bond in a green bond issued by Yes Bank, one of India’s largest commercial banks. Yes Bank has committed to investing the proceeds of its bond in renewable energy and energy efficiency projects, mainly in the solar and wind sectors. The Best Power Deal in the Highly Commended category went to the $525 million syndicated loan facility for Masinloc Power Partners Company in the Philippines. The loan allows for the company to supply power to seven electric cooperatives for 20 years, which will help drive down electricity prices for households. A greenfield ammonia plant in Indonesia won favor as Best Industrial Project Deal. IFC’s $509 million loan facility for PT Panca Amara Utama was applauded for supporting the locally-sponsored plant. In addition to mobilizing long-term financing from international institutions, IFC also helped the company develop their environmental and social standards, which will set a benchmark for other projects in the region. “The project will create over two thousand jobs during the peak of construction in a frontier region of Indonesia, and upgrade local infrastructure,” said IFC Investment Officer, Sean Chanho Ahn. “By using locally produced natural gas and converting it into ammonia, the project will facilitate domestic value addition to Indonesia’s natural resources and generate revenues from domestic sales and export of ammonia.” Mongolia’s Oyu Tolgoi, a copper and gold mine in the South Gobi desert, has generated thousands of jobs and billions of dollars in government revenue. The mine received both Mining Deal of the Year and Project Finance Deal of the Year awards. “The project
is the largest single investment ever in Mongolia, which is a very significant stimulus to the economy,” said the judges. At the heart of IFC’s work is sustainable development – growth that benefits families, households and communities in productive and non-destructive ways. These projects help to electrify neighborhoods, generate jobs and encourage investment in growing industries.
AWARD WINNERS:
Best Energy/Renewable Energy Deal of the Year Gulpur Hydropower Project
Best Energy/Renewable Energy Deal of the Year Tenaga Generasi Wind Power Project
Best Green Bond Facility – Highly Commended, India International Finance Corporation (IFC) 3.1 billion rupees Green Infrastructure Bonds
Best Power Deal – Highly Commended, Philippines Masinloc Power Partners Company US$525 million syndicated loan facility
Best Industrial Project Deal, Indonesia Panca Amara Utama US$509 million IFC loan facility
Mining Deal of the Year and Project Finance Deal of the Year, Mongolia Oyu Tolgoi US$4.4 billion facilities