SUN is listed on the Colombo Stock Exchange with a market capitalization of US$45.5 million as at October 12, 2020.  SUN’s majority shareholder is G. Sathasivam and his family. SBI Ven Holdings Pte Ltd has a minority stake in the company.

 Total Project cost is estimated at US$14.7 million. The proposed IFC investment is a US $7 million A loan for IFC’s own account.

 Daintee has 2 primary manufacturing sites and 4 other locations for warehousing and packaging in the Ratmalana industrial zone; While the solar rooftop projects will be located in various cities in Sri Lanka.

 This is a Category B project according to IFC’s 2012 Policy on Environmental and Social Sustainability. The E&S risks and impacts associated with this project are limited, site-specific and can be readily addressed through generally accepted mitigation measures as described in this document and the attached Environmental and Social Action Plan (ESAP).

Key E&S issues associated with this project, as identified during IFC’s review, are related to the existence and implementation effectiveness of Watawala Tea Ceylon and Sunshine Energy’ EHS and HR management systems for the proposed Daintee acquisition and solar panel expansion, including legally required ESIA studies and/or permits, as needed; (ii) respective organizational capacity for implementing, monitoring and reporting on company’s Environmental and Social Management System (ESMS); (iii) labor and safe working conditions of direct employees and contractors, including OHS standards; (iv) emergency preparedness and response; (v) compliance of contractors with applicable national EHS/labor requirements; (vi) monitoring of EHS parameters (air emissions, effluents, and water and energy efficiency); (vi) stakeholder engagement and community grievance mechanism. Applicable World Bank Group (WBG) Environmental, Health and Safety (EHS) Guidelines for this investment include the General and Sector-Specific (Food and Beverage Processing).