Fairway Waste Management

Fairway Waste Management

Investment Name: Fairway Waste Management

Region: Asia

 Country: Sri Lanka

Sector: Waste to Energy

Total ElectriFI Financing: 5.5m USD

Environmental and Social Category: B+

(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Project overview:

Fairway Waste Management will construct and operate a 13.7 MW, ~500 tons per day waste to energy plant in Sri Lanka’s Western Province at the current waste land fill site Karadiyana. The plant will consist of an incineration plant and anaerobic digesting facility.

Funding objective and impact:

ElectriFI will provide the missing and needed portion of (equity) risk capital to leverage senior lenders and complete the overall financing. The project will produce an estimated electric output of 83 220 kWh annually, resulting in GHG avoidance of 167,956 tons of CO2eq which not only relates to replacement with renewable energy capacity on the grid but also the avoidance relating to the diversion of open dumping of organic waste.

 Why ElectriFI wants to fund this project:

The project will not only bring additional renewable energy capacity to Sri Lanka, that is currently heavily dependent on imported fuels, it also solves a growing waste management problem, that is increasingly having large negative environmental and social impacts.

 Environmental and social rationale:

The E&S risk category of the transaction has been classified as B+.

The main E&S impacts and risks relate mainly to labour conditions and safety during construction. The transaction will be managed in accordance with IFC Performance Standard 1,2,3 and 4.

There are no impacts of concern associated with Performance Standards: 5,6,7,8.

The project will create a limited number of specific environmental and social impacts that can be minimized, avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria.

Key E&S risks and issues associated with this project include: the company’s capacity and systems to manage EHS and safety aspects during construction and operation in compliance with legal requirements as well as IFC Performance Standards (PSs).

 

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