DCM EPSA Green Bonds (IFC-39800)

  • Colombia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Mar 30, 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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 70.00 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)
$ 180.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 12, 2018

Disclosed by Bank Jan 5, 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.
The proposed transaction entails the construction of 4 solar plants with a combined installed capacity of 178MWp to be developed between 2017 and 2019 in Colombia (the “Project”). The Project would be the first large scale grid connected solar parks to be implemented in the country. First plant of 9.9MWp started operations in August 2017.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.
Empresa de Energia del Pacifico S.A. E.S.P. (“EPSA”) IFC’s Borrower is a regulated, vertically integrated public services company with operations in distribution (600,000 clients in 39 cities), transmission (274 km), and power generation (1,047 MW). EPSA is a mixed-owned company, incorporated as a limited joint stock corporation and listed in the Colombia Stock Exchange. The Company is owned 63.89% by private investors and 36.11% by state and municipal investors. Celsia, through one of its subsidiary companies, Colener, is EPSA’s largest shareholder with 50.01% ownership. Celsia is a power generation company with operations in Colombia, Panama and Costa Rica and combined generation capacity of 1,341 MW (excluding EPSA) through hydroelectric, thermal, solar and wind power plants. It is the 4 th largest generation company in Colombia and the 2 nd in Panama. Celsia is the power/electricity arm of Grupo Argos, which holds 52.93% share in Celsia and also holds 11.86% of direct interest in EPSA. State-owned and municipal investors include Corporation Autónoma Regional del Valle del Cauca (CVC) and Empresa Municipal de Cali (EMCALI), as minority shareholders.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Empresa de Energia del Pacifico S.A. E.S.P. 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.
For Inquiries About the Project, Contact Empresa de Energía del Pacifico Carlos Mario Isaza Finanzas Corporativas + 574 32600 Ext. 14647 cisaza@celsia.com Cra 43A # 1A Sur – 143 Piso 5 Edificio Santillana Torre Sur, Medellín, Colombia http://www.celsia.com/es/accionistas-e-inversionistas/epsa/perfil-corporativo Local Access for Project Documentation at www.epsa.com.co For Inquiries and Comments About IFC, Contact General IFC Inquiries IFC Communications 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 ACCOUNTABILITY MECHANISM OF IFC 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