DCM EPSA Green Bonds (IFC-39800)

Countries
  • Colombia
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
Proposed
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
Mar 30, 2018
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
EMPRESA DE ENERGIA DEL PACIFICO S A E S P
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 70.00 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)
$ 180.00 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 @ IFC website

Updated in EWS Jan 12, 2018

Disclosed by Bank Jan 5, 2018


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

Project 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
  • International Finance Corporation (IFC)
Private Actors
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.
Contact Information
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/