Vientos Los Hercules S.A. (MIGA-3639)

Countries
  • Argentina
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
Proposed
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
May 15, 2018
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
Mitsui & Co., Ltd.
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)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 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)
$ 300.00 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 @ MIGA website

Updated in EWS Apr 27, 2018

Disclosed by Bank Apr 4, 2018

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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.

This summary covers an application by Mitsui & Co., Ltd. (Mitsui) of Japan for its investments in Vientos Los Hercules S.A. (the Project) in Argentina in the form of equity, shareholder loan(s), and/or loan guarantee(s).  The investor seeks cover for up to US$30 million against the risks of: (i) Expropriation (Expro); (ii) Transfer Restriction (TR); (iii) War and Civil Disturbance (WCD); and (iv) Breach of Contract (BoC), for a period of up to 7 years.

The Project involves the design, construction, operation and maintenance of a 97.2MW wind farm located about 35km east from the city of Pico Truncado in the province of Santa Cruz, Argentina. The electricity output will be sold to Compañia Administradora del Mercado Mayorista Electrico (CAMMESA) under a 20-year Power Purchase Agreement. The power generated by the Project will be transmitted through the Las Heras-Santa Cruz Norte 132kV transmission line which is adjacent to the Project, and connects to the Santa Cruz Norte-Puerto Madryn 500kV line through the Santa Cruz Norte 132kV/500kV substation.

The Project was part of the Government of Argentina’s RenovAr public tendering program launched in May 2016.

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
- - - - Mitsui & Co., Ltd. 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.

ACCOUNTABILITY MECHANISM OF 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/

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How it works