RA Energy II (IFC-41689)

Regions
  • World
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
U
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
Jan 31, 2019
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
RESPONSABILITY ACCESS TO CLEAN POWER FUND S.A., SICAF SIF
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 Amount (USD)
$ 45.00 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)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 27, 2019

Disclosed by Bank Dec 4, 2018


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Project Description

Access to Clean Power Fund (“ACPF” or the “Fund”) is a US$150mn fund (in the process of being raised), which will extend debt financing to companies providing renewable energy and energy efficiency solutions in the retail and off-grid Pay-As-You-Go (PAYGO) sector, and in the commercial and industrial sector, both part of the Distributed Generation (“DG”) market. ACPF is the scale-up of the Energy Access Fund (“EAF”), into which IFC invested in 2015.

People Affected By This Project

The most significant, expected project-level outcome is increased access to energy by un(der)served households and SMEs with unreliable access to affordable energy, and increased access to financing for manufacturers and distributors of DG. The Project is expected to target predominantly lower income segments and will contribute to the Sustainable Development Goals (SDGs). Beyond the Project, IFC anticipates that the Project will enhance financial integration and inclusiveness through the demonstration and market enabling channels.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • responsAbility -- Fund Manager

Founded in 2003 in Zurich, responsAbility is an asset manager with US$3 billion under management across 15 funds in 10 offices globally. responsAbility’s funds provide financing predominantly to non-listed firms in emerging markets across energy, finance and agriculture sectors while responsAbility’s investees help to meet the basic energy needs of mainly the lower income households as well as SMEs. responsAbility is owned by Swiss financial institutions and its employees.

Contact Information

Carolina de Azevedo 
Senior Manager, Business Development 
+41 44 403 2188 
carolina.deazevedo@responsAbility.com 
Josefstrasse 59, 8005 Zurich, Switzerland 
www.responsAbility.com 

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/