La Jacinta Long-Term Bond (IIC-12077-02)

Countries
  • Uruguay
Where the impacts of the investment may be experienced.
Specific Location
Salto
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • IDB Invest
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 15, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
La Jacinta S.R.L
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 7.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 88.73 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 18, 2018

Disclosed by Bank Nov 15, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

La Jacinta is a 50MW (AC) / 64.8MW peak (DC) fixed tilt photovoltaic (“PV”) power plant and its associated facilities. La Jacinta is located in Salto, Department of Salto, Uruguay, and currently operates under a 30-year Power Purchase Agreement (“PPA”) with UTE, the state-owned utility of Uruguay.

The la Jacinta solar power project financed by the IDB with an A/B Loan for US$56 million and a C2F Loan for US$25 million is seeking to optimize it current financing through an IDB Invest A/B Bond. The B-Bond will be sold into the private placement market under section 4 (a) (2) of the 1933 U.S. Securities and Exchange Commission Act. This structure will allow the Project to achieve longer tenors than in the traditional bank market.

The proceeds of the B-Bond will be used to repay the IDB A and B Loans in their entirety. As part of the financial plan the IDB Invest provide an A Loan for approximately US$7million and purchase up to 5% of the B-Bond. The tenor of the A Loan and B Bond will be 25 years.

Investment Description
  • IDB Invest
Private Actors
  • Invenergy LLC -- Parent Company
  • La Jacinta S.R.L -- Implementing Company
Contact Information

Contact Information:
Mary Ryan | Corporate Communications
Invenergy | One South Wacker Drive, Suite 1800, Chicago, IL 60606
mryan@invenergyllc.com| D 312.582.1424 | @InvenergyLLC

For inquiries and comments to IIC, contact:
IIC’s Communications Group
E-mail: divulgacionpublica@iadb.org

ACCOUNTABILITY MECHANISM OF IIC
The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).