34439 - ASIA ENVIRONMENTAL PARTNERS II, LP

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Summary of Investment Information

Project Number

34439

Company Name

ASIA ENVIRONMENTAL PARTNERS II, LP

Date SPI Disclosed

Feb 20, 2014

Country

East Asia and Pacific Region

Region

East Asia and the Pacific

Projected Board Date

Mar 27, 2014

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Mar 27, 2014
Signed : Jul 31, 2014
Invested : Nov 24, 2014

Sector

Growth Equity Fund

Project Description

Asia Environmental Partners II, L.P. (“AEP II” or the “Fund”) is a 10-year $300 million-target size private equity (“PE”) fund which focuses on the fast growing environmental and clean energy industries across Asia, with the key geography focus includes China and Southeast Asian countries (“ASEAN”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

Development Impact

IFC's support as a returning investor in AEP II is expected to help the Fund's capital mobilization given the current difficult fundraising environment. Furthermore, given IFC's interest in the Fund's target sectors and the potential large deal size, IFC could potentially co-invest in the Fund's investee companies. IFC may also add value by providing sector knowledge and expanding networks to the investee companies. IFC is also expected to pay role in improving the Fund's E&S management system.

E&S Category Rationale / Risks and Mitigation

This project entails an IFC investment in AEP II, a private equity fund focusing on environmental and clean energy industries in China, India and other Asian countries. The project has been categorized as FI-1 in accordance with IFC’s Environmental and Social Review Procedure. The fund will create significant environmental benefit and most of its pipeline activities appear to have moderate or low potential E&S risks. Some activities, however, e.g., its contemplated portfolio investments in small hydro development and natural gas distribution, may have potential higher E&S risks. The Fund Manager is required to ensure all its investment activities meet the requirements of the IFC Exclusion List, the applicable host country E&S laws and regulations and IFC Performance Standards.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Anhui Dongjin	China	K-BB - Other Textile Products (Including Industrial and Medical Products)
DNP Corp	Viet Nam	C-BA - Water and Wastewater Utilities
Cashify	India	M-BB- Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
Constant Energy	Thailand	V-BF- Solar - Renewable Energy Generation
DST Electric	China	M-CD- Automotive and Light Vehicle
Li Tong	Hong Kong SAR, China	M-BB- Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
MEMSIC	China	M-BA- Electrical Machinery, Equipment and Components (Electric Lighting, Motors, Batteries, Insulated Wires and Cables, Fiber Optic Cable, Carbon and Graphite Products, etc.)
Scommerce	Viet Nam	E-AE- Other (Including General Freight Trucking)
X-FIPER New Materials	China	K-BB- Other Textile Products (Including Industrial and Medical Products)
Zheneng Jinjiang	China	C-DB- Waste to Energy - Waste

The main E&S risks and impacts of the project derive from the E&S risks of the fund’s portfolio investment activities as well as the fund manager’s capacity and system in place to manage these risks. The Manager has developed an environmental and social management system (ESMS) following IFC Performance Standards. It has committed to continue to implement the ESMS for the new fund, and has also agreed to add more resources for the ESMS implementation, including appointing another E&S coordinator and conducting further training for all its investment teams. In addition to information and access rights to all portfolio investments of the fund, IFC will review all high risk activities and the first three investment activities prior to the fund’s investment decisions to verify that adequate E&S review and management has been done by the fund manager.


Task Description	Anticipated Completion Date
Appointment of an additional E&S coordinator	Prior to IFC commitment
Training of all its investment staff on ESMS implementation	Prior to IFC commitment

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring them to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities.

In addition, Affected Communities have unrestricted access to the Compliance Advisor/Ombudsman (CAO), the independent accountability mechanism for IFC. The CAO is mandated to address complaints from people affected by IFC-supported business activities in a manner that is fair, objective , and constructive, with the goal of improving environmental and social project outcomes and fostering greater public accountability of IFC.

Independent of IFC management and reporting directly to the World Bank Group President, the CAO works to resolve complaints using a flexible, problem-solving approach through its dispute resolution arm and oversees project-level audits of IFC’s environmental and social performance through its compliance arm.

Complaints may relate to any aspect of IFC-supported business activities that is within the mandate of the CAO. They can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC-financed business activity. Complaints can be submitted to the CAO in writing to the address below:

Compliance Advisor/Ombudsman
International Finance Corporation
2121 Pennsylvania Avenue NW
Room F11K-232
Washington, DC 20433 USA
Tel: 1 202 458 1973
Fax: 1 202 522 7400
E-mail: cao@worldbankgroup.org

The CAO receives and addresses complaints in accordance with the criteria set out in its Operational Guidelines which are available at: www.cao-ombudsman.org

Contacts

For Inquiries About the Project, Contact

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IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Michael H. YipDirector of Investor RelationsOlympus Capital Holdings Asia485 Madison Avenue, 18th FloorNew York, NY 10022Tel: (212) 201-8520Fax: (212) 201-8534E-mail: mailto:myip@olympuscap.com

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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