27626 - Energomera

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Summary of Proposed Investment

Project Number

27626

Company Name

ZAO MONOCRYSTAL

Date SPI Disclosed

May 27, 2009

Country

Russian Federation

Industry

Manufacturing

Projected Board Date

Jun 29, 2009

Status

Completed

Sector

Electrical Machinery, Equipment and Components (Electric Lighting, Motors, Batteries, Insulated Wires and Cables, Fiber Optic Cable, Carbon and Graphite Products, etc.)

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Dec 22, 2009
Signed : Dec 23, 2009
Invested : Feb 4, 2010

Project Description

Established in 1996, Monocrystal is one of the world’s largest producers of synthetic single crystal sapphire, aluminum and silver composite pastes for solar power generation, as well as other electronic materials for such industries as production of semiconductors, optics and photovoltaics. Monocrystal exports over 90 percent of its output to more than twenty countries worldwide. After its purchase of PKF Atlas (“Atlas”) in 2008, Monocrystal ranked among the four largest synthetic sapphire producers by revenues globally. Monocrystal has approached IFC to finance a portion of its medium-term modernization program and working capital needs.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

Development Impact

The proposed investment will have the following positive development impacts:

Employment: The investment will support one of the largest employers in Stavropol, a frontier region in Russia with per capita GDP equal to 42% of the national average. Monocrystal is the only significant high-tech employer in the region, where employment opportunities are generally limited to seasonal agricultural jobs and a few industrial companies.

Contribution to energy efficiency and renewable energy: Monocrystal’s main product, synthetic single crystal sapphire, is used in LED lighting, a highly energy efficient source of illumination. Aluminum composite paste, Monocrystal’s other main product, is used in the production of solar cells. This investment will support the local development and production of materials that are key components of higher energy efficiency and renewable energy products.

Export earnings: The investment will support one of the largest exporters in the Stavropol region.

IFC’s additionality in this project includes:

Corporate governance and accounting standards: The IFC team had advised Energomera to simplify its corporate structure and encouraged it to prepare its financial statements according to IFRS. Concern has been following the action plan developed jointly with IFC and has already secured IFRS audited financials for 2006 and 2007.

Long-tenor financing: IFC will improve Monocrystal’s balance sheet structure by funding its planned investments with long-tenor financing, which is not readily available to mid-sized Russian companies, especially given the current credit market conditions in the country.

Energy efficiency: IFC will support Energomera’s efforts in increasing energy efficiency at the production facilities by providing advice on optimizing energy supply system, which will decrease operating costs for the company and lead to a reduction in its carbon emissions.

The project is a category B investment according to IFC’s Environmental and Social Review Procedure. A summary of IFC’s environmental and social review findings for the project including the rationale for the B categorization is publicly available in the Environmental and Social Review Summary.

Measures to mitigate potential risks and impacts identified during the appraisal are publicly available in the Environmental and Social Action Plan

Contacts

For Inquiries About the Project, Contact

Concern Energomera
Marina N. Kulakova, Director Corporate Governance & Asset Management
415 Lenin Street, Stavropol, 355029,
RUSSIA

Tel.: +7 (8652) 562521
Fax: +7 (8652) 356740
E-mail: ir@energomera.ru

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

The project does not involve any new construction and, therefore, no environmental impact assessment was carried out for this project. Company’s Action Plan based on the ESAP agreed between Monocrystal and IFC will be published in Russian on the corporate web-site of Energomera at www.energomera.ru

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

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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