31866 - SinoGreen Fund

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Summary of Proposed Investment

Project Number

31866

Company Name

GRC SINOGREEN FUND III, LP

Date SPI Disclosed

Apr 17, 2012

Country

China

Industry

Manufacturing

Projected Board Date

May 18, 2012

Status

Active

Sector

Private Equity/Venture Cap Fund - Sector

Department

Equity Portfolio Management

Environmental Category

Previous Events

Approved : May 25, 2012
Signed : Jun 27, 2012
Invested : Jan 26, 2015

Project Description

SinoGreen Fund L.P., (“SinoGreen” or the “Fund”), a Cayman Island exempted limited partnership, is an eight-year private equity fund seeking to raise $150 million to invest in the cleantech sector in China. The Fund will invest in early- and growth- stage companies focusing on renewable energy, energy efficiency, cleaner transportation, non-energy related climate change mitigation technologies and other technologies that have direct contribution to climate change mitigation and adaptation.

Sponsor / Cost / Location

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

Development Impact

IFC''s investment in the Fund is expected to have the following quantifiable development impact:
(i) Reduction of GHGs through adoption of clean technologies and more environmentally sustainable practices: indicated by potential reduction of CO2 emissions directly and indirectly by the Fund''s investees;
(ii) Private sector development: indicated by improved revenue and profitability of the Fund''s investees;
(iii) Economic sustainability: demonstrated through the Fund''s ability to help its investees grow sustainably and generate employment growth faster than the national average;
(iv) Financial success: evidenced by the Fund''s investment return (net IRR) and the Manager''s ability to raise successor fund.

(i) Catalytic role: Strong support by IFC is expected to demonstrate IFC''s confidence in the fund which would catalyze funding from both DFIs/IFIs and the private sector, when fundraising is still difficult;
(ii) Fund structuring: IFC would leverage on its significant experience in funds to advise the fund manager on the adoption of best practices in commercial terms that will attract private capital.
(iii) Environmental and social ("E&S") standards: Through participation in the Fund, IFC will ensure the adoption of IFC''s E&S standard by the Manager;
(iv) Co-investment: IFC can provide both debt and equity financing to the Fund''s investee companies.

SinoGreen has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Portfolio activities of the proposed new fund shall meet the requirements of the IFC FI Exclusion List, applicable Chinese E&S laws and regulations, and the IFC Performance Standards. As a condition of IFC investment, the Fund is required to appoint a senior officer and implement an environmental and social management system (ESMS) to ensure its portfolio activities will meet the above performance requirements. IFC will have the rights to review the first three and all Category A investments of the Fund prior to their investment decisions to ensure the Fund''s ESMS is operating adequately in identifying and managing E&S risks. The Fund is also required to provide an annual environmental and social performance report to IFC.

Contacts

For Inquiries About the Project, Contact

Dr. Eric Wang
Managing Partner
Grand River Capital Management
22F East Tower, Twin Towers
B12 Jianguomen wai Da Jie,
Chaoyang District, Beijing, China
Tel: +86-10-6563-7168Fax: +86-10-6563-7158
mailto:ewang@grcfunds.com
http://www.grcfunds.com

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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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