Gas Natural Acu (IFC-40314)

Countries
  • Brazil
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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 14, 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
GAS NATURAL ACU LTDA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 355.60 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.
Loan Amount (USD)
$ 355.60 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)
$ 1.20 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 @ IFC website

Updated in EWS Mar 23, 2018

Disclosed by Bank Mar 14, 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 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
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.

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%).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - BP Global Investments Limited Parent Company -
- - - - BP p.l.c. Undisclosed -
- - - - Gás Natural Acu Infraestrutura SA Client -
- - - - Prumo Logística S.A. Parent Company -
- - - - Siemens Energy, Inc. Parent Company -
- - - - Siemens Financial Services, Inc. Parent Company -

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 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