FRV Potrero Solar, S. de R.L. de C.V. (IFC-41297)

Countries
  • Mexico
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
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."
Borrower
FRV POTRERO SOLAR S. DE R.L. DE C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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)
$ 56.00 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)
$ 250.00 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.
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 23, 2018

Disclosed by Bank Nov 2, 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.

According to the bank, Potrero (“the project”) is a large-scale greenfield 270 MWac (297 MWdc) solar photovoltaic renewable energy powerplant in the Mexican state of Jalisco. The project will install and operate solar panels, generation blocks, voltage stations, a substation, and a less than1.0 Kilometre transmission line to connect to an existing 400 kV transmission line. The project site is located in a rural area characterized by large and small dairy and poultry farms (with some irrigated agriculture), approximately 15 kM southwest of the city of Lagos de Moreno. The project has been developed by FRV Potrero Solar S. de R.L. de C.V. (“FRV Potrero” or the “Company”), a special purpose vehicle formed by FRV Solar Holdings VI, BV and FRV Solar Holdings III, BV which are both owned by FRV BV (the “Sponsor”), a reputable renewable energy developer, and existing IFC client (e.g. FRV Jordan, IFC project #36877). The Project cost is estimated at US$250 million. IFC is considering providing an A/B loan for up to US$65 million to support financing of the Project.At the time of IFC appraisal in August 2018, FRV Potrero was negotiating with the firm PRODIEL - an experienced international technology company specializing in renewable energy and environmental management - to act as Engineering, Procurement and Construction (EPC) contractor. PRODIEL will manage construction activities and associated environmental and social (E&S) impacts, while their joint venture partner for the Potrero project, Power China will provide financial and procurement support in compliance with contractual obligations. FRV Potrero anticipates that with a peak construction workforce of between 600 to 800 workers, they can start selling energy in early 2020.

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
- - - - Fotowatio Renewable Ventures, Inc 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 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/

How it works

How it works