28646 - Universal CPLP

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Summary of Proposed Investment

Project Number

28646

Company Name

UNIVERSAL ENTERPRISES PRIVATE LIMITED

Date SPI Disclosed

Sep 4, 2009

Country

Maldives

Industry

Tourism, Retail and Property

Projected Board Date

Oct 7, 2009

Status

Completed

Sector

Resort Hotel (Including Lodges)

Department

Regional Industry - MAS Asia & Pac

Environmental Category

C - No Impact

Previous Events

Approved : Jul 23, 2007
Signed : Nov 30, 2009
Invested : Jul 13, 2010

Project Description

Universal Enterprises Private Limited (UEPL) has proposed a series of investments to increase energy efficiency and reduce water consumption across four of its resorts in the Maldives. Overall, project implementation is expected to reduce energy consumption by 15.9% and water consumption by 4.7% annually. The recommended project encompasses the optimization of steam, water, lighting, refrigeration and air-conditioning systems and diesel generator (DG) sets. Together, these “Cleaner Production” investments qualify for funding via IFC’s Board-approved Cleaner Production Lending Pilot facility, a $20 million facility that enables IFC to provide Cleaner Production sub-loans to its existing portfolio clients.

UEPL is one of the largest integrated tourism companies in the Maldives, with a portfolio of eight resorts and allied businesses including a cruise ship, travel agencies, tour operations, transportation, water bottling, resort supplies, etc. which together employ over 3,000 people. UEPL has been an IFC client since 2005.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity

Development Impact

The implementation of the CP Project is expected to result in:

Reduction of greenhouse gas emissions (GHG) by 5,012 tons p.a., or ~25% of the total existing GHG emissions of the four resorts;
Savings of 21,447 m3 of water p.a., i.e. a reduction in average water consumption per room for the four resorts of 4.7%; and
Savings of 4 million kilowatt hours of electricity p.a., i.e. average annual energy savings per room for the four resorts of 15.9%.

This project will also serve to demonstrate that the investments proposed by UEPL at its resorts in the Maldives are cost-effective, leading to wider adoption of such projects within the industry.

The IFC-supported cleaner production assessment enabled UEPL to identify projects that would reduce energy and water consumption as well as costs. IFC will assist UEPL to implement these efficiency enhancements by financing their Cleaner Production investments with an appropriately structured senior loan. IFC will work with the company to quantify expected operational and environmental benefits from its Cleaner Production investments. This investment should also have a demonstration impact as this is one of the first Cleaner Production loans IFC will be extending to a hospitality sector client in the Maldives.

This is a supplementary loan to an existing IFC borrower, with the loan proceeds to be used entirely for Cleaner Production projects previously mentioned in this SPI. The proposed initiatives to be financed by this CPLP investment will have a net positive effect by reducing the environmental impact of the resort operations and no adverse social or environmental impacts are expected to result from this Project. This is therefore an Environmental and Social Category C project.

Contacts

For Inquiries About the Project, Contact

Mr. Risvi A. Majeed
Chief Financial Officer
30 Orchid Maqu,
P.O. Box 2015
Malé 20-02, Republic of the Maldives.

Email: risvi.majeed@universalenterprises.com
Phone: +960 332 3080
Fax: +960 332 5301

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Local Access of Project Documentation

UEPL Headquarters:
30 Orchid Maqu, P.O. Box 2015,
Malé 20-02,
Republic of the Maldives;

Ministry of Environment & Construction:
Huravee Building,
Ameer Ahmed Magu, Malé,
Republic of the Maldives.

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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