28504 - Auro Mira Energy

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Summary of Proposed Investment

Project Number

28504

Company Name

AURO MIRA ENERGY COMPANY PRIVATE LIMITED

Date SPI Disclosed

Feb 18, 2010

Country

India

Industry

Infrastructure

Projected Board Date

Mar 25, 2010

Status

Active

Sector

Electric Power Other (Including Holding Companies)

Department

Regional Industry - INF Asia & Pac

Environmental Category

B - Limited

Previous Events

Approved : Jun 8, 2010
Signed : Jun 17, 2010
Invested : Sep 20, 2010

Project Description

Auro Mira Energy Company Private Limited (“AME” or the “Company”) is a renewable energy focused company, promoted by N. Srinivasan and his associates. Baring Private Equity Partners (“Baring PE”) are the first investors holding majority stake in the Company. AME currently has two operating biomass projects (7.5 MW and 10 MW). It is currently developing 100+ MW Projects in Biomass, Small Hydro and Wind in the States of Tamil Nadu, Karnataka, Orissa and Madhya Pradesh. The debt funding for most of the above projects has been tied up and the Company is raising capital to execute the above projects.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	7.97

Development Impact

The project will have economic benefits by 1) providing a reliable source of income to local rural community out of their waste product 2) providing power in the power deficit state of Tamil Nadu 3) reducing reliance on electricity generated from fossil fuels such as coal and gas; 4) providing employment to local people during construction and during operation; 5) generating global benefits in the form of greenhouse gas emissions reduction

Long term Financing: IFC brings long-term patient equity which is needed for supporting long term renewable energy plans of the Company Knowledge Sharing: IFC's global knowledge of renewable energy sectors, will be used by Auro Mira in its growth plans. Also, IFC's expertise will help Auro Mira to de-risk a number of areas like Biomass. IFC stamp of approval: Auro Mira will need funding at multiple times to fund its scale up plans. IFC's Stamp of approval will therefore act as a catalyst for Auro Mira's growth by attracting capital from other participants.

Key E&S issues associated with this investment include: corporate level environmental and social (E&S) assessment and management system; HR policies and procedures for AME; managing worker health and safety both during construction and operational phase; ensuring compliance and sound labor and safety management by contractors; waste discharges and emissions from its operational projects; and managing health, safety and security of the nearby communities.
Further details on the potential environmental and social impacts of the project, corresponding mitigation measures and guidance on how and where information about the project can be obtained are provided in the IFC Environmental & Social Review Summary and Environmental &Social Action Plan.

Contacts

For Inquiries About the Project, Contact

Mr.R.BALAJEE CHIEF OPERATING OFFICER (Wind IPP) Auro Mira Energy Company Private Limited Auro Mira House Shafee Mohammed Road, Thousand Lights, Chennai – 600 006, India Ph: + 91 – 44 – 28209800 Mr.V.K.VIJAYARAGHAVAN VP-FINANCE Auro Mira Energy Company Private Limited Auro Mira House Shafee Mohammed Road, Thousand Lights, Chennai – 600 006, India Ph: + 91 – 44 – 28209800 Mr.Y.V.KRISHNAM RAJU GM-CORPORATE QA&EHS Auro Mira Energy Company Private Limited Auro Mira House Shafee Mohammed Road, Thousand Lights, Chennai – 600 006, India Ph: + 91 – 44 – 28209800

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: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

Auro Mira Energy Company Private Limited Auro Mira House Shafee Mohammed Road, Thousand Lights, Chennai – 600 006, India Ph: + 91 – 40 – 28209800

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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