30422 - Energomera II

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Summary of Proposed Investment

Project Number

30422

Company Name

ZAO MONOCRYSTAL

Date SPI Disclosed

Feb 2, 2011

Country

Russian Federation

Industry

Manufacturing

Projected Board Date

Mar 7, 2011

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

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : May 20, 2011
Signed : Jun 24, 2011
Invested : Sep 14, 2011

Project Description

The project involves an IFC investment in two subsidiaries of OAO Energomera Concern (“Energomera Group”): namely OAO Monocrystal (“Monocrystal”), and ZAO Energomera (“Energomera”). Energomera develops and produces a wide range of electronic metering technologies and equipment. Monocrystal produces (i) synthetic sapphires - the key material for substrate used in the production of light-emitting diodes (“LEDs”), and (ii) special materials (namely aluminum photovoltaic paste) used in the production of solar cells.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	52.57
Equity

Development Impact

i.The project is expected to contribute to the energy savings in Russia through wider use of metering, especially new generation meters, and lead to reduced GHG emissions in the longer term. Monocrystal's increased production will support further reduction in GHG emissions through the use of LED lighting and employment of solar cells in electricity generation. ii.Employment preservation: IFC's investment will support one of the largest employers in Stavropol. Moreover, Energomera is a high-technology employer in a region where employment opportunities are generally limited to agriculture jobs. Currently the Company employs approximately 4 500 people of which 2 300 are female. iii. Monocrystal is an export oriented company which brings foreign currency denominated revenues to Russia.

i.IFC provides longer term financing as compared to what is available at the market at this stage ii.IFC has been working and will continue to work with Energomera Group to improve corporate structure, and reporting standards iii.IFC has been working and will continue to work with Energomera Group to identify opportunities for better resource utilisation within its operations

The proposed project would be the second IFC’s investment with OAO Energomera Concern. The initial investment has been regularly supervised and its E&S performance has been determined to be successful, with the company completing all actions included in the initial E&S Action Plan. The proposed new investment will expand to cover operations outside the scope of the initial investment and these new areas have been evaluated by the IFC E&S specialist team. This evaluation has concluded that the new project only will have limited and readily mitigable adverse social and environmental impacts, and the project has therefore been processed as a category B project according to IFC''s environmental and social procedures. Details on IFC''s environmental and social evaluation findings can be found on the project’s ESRS.

Contacts

For Inquiries About the Project, Contact

Lyudmila I. Fartusova Senior Vice President Economy and Finance 415 Lenin Street Stavropol, 355029 Russia Tel: +810 (8652) 56-18-60 Email: fli@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: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

ZAO Energomera 415 Lenin Street Stavropol, 355029 Russia

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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