The proposed investment consists in an up to US$10.0 million investment in the form of preferred equity in Vatia S.A – E.S.P (“Vatia” or the “Company”), a Colombian electricity retailer / aggregator and a syndication of up to US$40 million in senior debt from local banks. The proceeds will allow Vatia to acquire 37MW of solar assets and provide equity to increase its trading and commercialization activities (the “Project”).

Vatia S.A – E.S.P (“Vatia” or the “Company”) was established in 1998 and is currently the largest non-incumbent electricity retailer / aggregator in Colombia. Currently, Vatia supplies between 70 and 75 GWh per month (900 GWh per year) to approximately 30.000 customers. Its operations are handled by Hidrotolima with five small hydropower plants (SHPPs) in the Tolima department and Vatia with eight SHPPs in the Cauca department, as follows:

Hidrotolima SHPPs include (a) Mirolindo which produced 19 GW in 2019 and is located 1 km distant from the closest community, Ibague, the capital of the state; (b) Rio Recio which produced 1 GW in 2019 and is located 0.5 km distant from La Sierra its closest community; (c) Ventana which produced 23 GW in 2019 and is located 3 km distant from Chicoral its closest community; (d) Pastales which produced 4 GW in 2019 and is located 0.3 km distant from Pastales-Pico de Oro, its closest community; and (e) Santiago which produced 10 GW in 2019 and is located 0.2 km distant from Santiago, its closest community. Neither is near to either biodiversity preserved or cultural patrimony sites. Vatia SHPPs include (a) Florida II which produced 92 GW in 2019 and is located 10 km distant from Popayan its closest community; (b) Sajandi which produced 14 GW in 2019 and is located 20 km distant from El Bordo its closest community; (c) Rio Palo which produced 8 GW in 2019 and is located 7 km distant from Caloto its closest community; (d) Ovejas which produced 1 GW in 2019 and is located 8 km distant from Suarez its closest community; (e) Inza which produced 4 GW in 2019 and is located 8 km distant from Inza its closest community; (f) Mondomo, which produced 4 GW in 2019 and is located 6 km distant from Santander de Quilichao its closest community; (g) Asnazu which produced 3 GW in 2019 and is located 4 km distant from Suarez its closest community; and (h) Silvia which produced 2 GW in 2019 and is located 2 km distant from Silvia its closest community. Neither is near to either biodiversity preserved or cultural patrimony sites.

The proposed project includes a US$10m million investment as preferred equity in Vatia to (a) acquire 37MW of solar assets (b) refinance existing debt and (c) provide equity to increase its trading and commercialization activities (the “Project”)

The Summary of Investment Information (SII) also informs that there is a syndication of up to US$40 million in senior debt from local banks. 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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