Energia del Pacifico LNG Thermo Power Project (IDBI-12771-01)

Countries
  • El Salvador
Geographic location where the impacts of the investment may be experienced.
Specific Location
Acajutla
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 (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 17, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Energia del Pacifico, Ltda. de C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 115.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 850.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Campaign Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Oct 28, 2019

Disclosed by Bank May 14, 2019

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

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project (the “Project”) involves the construction and operation of 1) a 378-megawatt (MW) thermal power plant at the port of Acajutla in the Department of Sonsonate in El Salvador (the “Power Plant”), 2) a marine terminal, consisting of a floating storage and regasification unit (the “FSRU”) permanently moored through a modified spread mooring system for liquified natural gas (LNG) delivery, storage, and regasification, as well as a natural gas pipeline that will run from the FSRU to the power plant (the “Pipeline”) and 3) the construction of a 44 km, 230 kilovolt (kV) transmission line and related substations to connect the power plant to the electrical grid of El Salvador. The Power Plant will be located in a brownfield port and industrial area in the municipality of Acajutla, in premises secured under a 24-year lease agreement with the Executive Commission of the Port of Acajutla (CEPA), who owns and manages the port. Financing from IDB Invest will be direct to Energía del Pacífico, Ltda. de C.V., who will develop the Project. The FSRU will not be part of this financing.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IDB Invest will seek approval from China Fund for USD 50,000,000.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Energía del Pacífico, Ltda de C.V. Client -
- - - - Grupo Argos S/A Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Meghan Schultz
Senior Vice President, Finance & Capital Markets
Invenergy LLC

mschultz@invenergyllc.com

 

ACCOUNTABILITY MECHANISM OF IADB

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).

How it works

How it works