Saint Lucia LED Street Lights Project (MIGA-14653)

Countries
  • St. Lucia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Jun 7, 2021
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
KLED Capital Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 11.60 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)
$ 21.50 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
Primary Source

Original disclosure @ MIGA website

Updated in EWS Apr 29, 2023

Disclosed by Bank Mar 30, 2023

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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.

According to the Bank’s website, MIGA issued guarantees to cover: (i) an equity investment and retained earnings of US$11.6 million on behalf of KLED Capital Limited of the British Virgin Islands for up to 15 years on December 16, 2021; and (ii) a non-shareholder loan and future interests of US$9.9 million on behalf of CIFI LATAM S.A of Panama for up to 8 years on March 15, 2023 into KLED Capital Limited incorporated in Saint Lucia (the Project Enterprise) against the risks of Breach of Contract, Transfer Restriction, and Expropriation.

The Project consists of the installation, operation, and service of 24,640 energy efficient LED streetlights in total through the replacement of 22,000 existing old sodium lamps with LED lamps and installation of 2,460 new LED streetlights by the Project Enterprise as per the Fixed Price Public-Private Partnership Contract signed between KLED Capital Limited and the Government of Saint Lucia.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CIFI LATAM S.A. Subsidiary -
- - - - KLED Capital Limited Client -

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.

Project Manager - Procurement, Imports, Storage: Jeffrey Ogden / Jeffrey.Ogden@KLEDplc.com
Site Supervisor - Day to day project management. Team manager: Windy Mangal / islandwide_electricals@hotmail.com
Environment Supervisor - Ensuring H&S conformity among teams: Jeffrey Ogden / Jeffrey.Ogden@KLEDplc.com
HSE Representative - Periodic Risk Assessment: Jeffrey Ogden / Jeffrey.Ogden@KLEDplc.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works