Gas Natural Acu (IFC-40314)

Countries
  • Brazil
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
A
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
Jun 14, 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
GAS NATURAL ACU LTDA
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
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, etc.
Investment Amount (USD)
$ 355.60 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 355.60 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)
$ 1.20 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 Mar 23, 2018

Disclosed by Bank Mar 14, 2018


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Project Description

The project comprises of the development, construction, operation and maintenance of a 1,298 MW gas-fired combined cycle power plant to run on gas supplied from a liquefied natural gas (“LNG”) import terminal (“the Terminal”), both located in Açu Port in Brazil. In addition, the interconnection of the power plant to the existing electricity transmission network is also part of the scope (all together, the “Project”).  UTE GNA I Geração de Energia S.A. (“UTE GNA I”) is the special purpose vehicle (“SPV”) established to undertake the Project, which will sell its capacity and energy under regulated power purchase agreements (“PPAs”) executed with 36 distribution companies. These PPAs were originally awarded by way of a competitive bid held in 2014 to Bolognesi Group and were fully transferred to the Project in late 2017.

 

A second SPV, UTE GNA II Geração de Energia Ltda (“UTE GNA II”), was formed to develop, construct, operate and maintain a 1,673 MW  gas-fired combined cycle power plant, which will also source its gas from the Terminal. The PPAs were awarded to UTE GNA II in a competitive public bid held in December 201

Investment Description
  • International Finance Corporation (IFC)
Private Actors

UTE GNA I and UTE GNA II are owned by Siemens Energy Inc. and Siemens Financial Services Inc. (collectively "Siemens") (33%) and Gás Natural Açu S.A. ("GNA") (67%) which, in turn, is owned by Prumo Logística S.A. (“Prumo”) (70%) and BP Global Investments Limited ("BP") (30%).

Contact Information

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/