Origo 2022 (IFC-47607)

Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Specific Location
States of Goiás, Mato Grosso, Minas Gerais, Paraíba, Pernambuco, and Tocantins
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
EBES SISTEMAS DE ENERGIA S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
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)
$ 24.00 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)
$ 41.20 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 26, 2023

Disclosed by Bank Jun 20, 2023

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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.

 IFC proposes to arrange a debt package to a wholly owned subsidiary (the Borrower) of Órigo Energia (“Origo”, the “Company” or the “Sponsor”) to finance the construction of solar distributed generation (DG) assets for 50 MWac of capacity with total project cost of BRL[352] million (US$[66] million) in Brazil (the “Project”). The proposed investment consists of (i) an IFC A Loan of BRL[126] million (US$[24] million) through IFC’s evergreen BRL pool, (ii) a Subordinated Loan of BRL [92] million (US$[17.2] million) through Blended Finance participation. The proposed tenor is up to [10] years door-to-door from signing, including (i) a [1.5]-year grace period from loan commitment, and (ii) up to [8.5] years of operations.Origo is a leading solar power Distributed Generation (DG) company in Brazil, serving more than 75,000 SMEs and residential customers with assets in operation of over 272 MWp. The Project will develop 20 additional units of solar photovoltaic (PV) plant (each up to 2.5 MWac and with maximum surface area of 20 ha) across six states (Goiás, Mato Grosso, Minas Gerais, Paraíba, Pernambuco, and Tocantins) in Brazil. The Company performs engineering and procurement directly and will hire a third-party construction contractor through its relationship network of about 50 local construction companies where it operates.The distribution lines (maximum 10 km) will be built by the distribution concessionaire in each state for five out of the six states (with the exception of Minas Gerais).  These distribution lines are considered Associated Facilities. In Minas Gerais, Origo will be in charge of the construction of the distribution line through an authorized contractor and then partially reimbursed by the distribution company on a minimum global cost basis.                                                  

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

Contact Information
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IFC

 

ACCESS TO INFORMATION

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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/

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How it works