Itelecom SPV2 (IFC-42700)

Countries
  • Chile
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
ITELECOM EFICIENCIA ENERGETICA 2 SPA
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)
$ 26.00 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)
$ 26.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 2, 2020

Disclosed by Bank Dec 5, 2019

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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 proposed investment consists of an IFC A Loan of up to US$10.0 million and a syndicated loan for a total of up to US$16.0 million to Itelecom Eficiencia Energetica Dos SpA (Itelecom SPV2 or the Company) for the purchase, installation and maintenance of approximately 125,000 LED luminaires with approximately 10-15 Chilean municipalities across the country (the Project). LED lights are 40 to 65% more energy efficient than traditional lighting technologies; by using LED luminaires, it is possible to provide better quality lighting, lower energy consumption, and reduce CO2 emissions. The replacement of luminaires will consist of the assembly of LED units and circuit boards (which takes place in a central warehouse location) and the replacement of the luminaires, mainly in existing light posts. Itelecom SPV2 was created as a Chilean special purpose vehicle to carry out the Project. The installation of the luminaires will be carried out within a period of a few months following contract negotiation and execution for each municipality.Itelecom Holding Chile SpA (Itelecom or the “Sponsor”, https://www.itelecom.cl/category/energia/) is a Chilean technology company, organized under a holding company into two main business lines: (a) Itelecom GO+ provides LED efficient lighting solutions for municipal street lighting, private companies and institutions (hospitals, universities, etc.); and (b) Itelecom Tecnologias, which provides technology solutions to global telecom operators.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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