Solengy Haiti (IFC-49360)

Countries
  • Haiti
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
Solengy Haiti S.A.
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)
$ 12.00 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.
Loan Amount (USD)
$ 12.00 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)
$ 12.00 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 Oct 10, 2024

Disclosed by Bank Oct 1, 2024

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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 IFC, the proposed investment is a 10-year secured corporate loan facility of up to US$ 12 million to Solengy Haiti S.A. (“Solengy” or the “Borrower”, or the “Company”). The financing package consists of(i) an up to US$[3] million senior IFC A loan; (ii) an up to US$[3] million senior parallel loans; and (iii)an additional US$[6] million subordinated loan to de-risk the investment for senior lenders including IFC. Solengy is a leading distributed energy solution provider, offering turnkey and custom energy systems between 1KWp to 600KWp to residentials, commercial and industrial customers. The loan facility will be used to fund the deployment of additional solar and battery energy storage systems (of up to 5 MWp and 11MWh) through the Company’s lease-to-own program to its customers. The company leases a building for its operations consisting of a workshop for equipment assembly and a warehouse (10,000 sqf), and offices (2,000 sqf), located at the Airport Industrial Park in Port-au-Prince. Solengy business model focus on leasing energy solutions, encompassing photovoltaic system and batteries. Solengy procures, installs, and maintains equipment during the contract tenor and provides extended warranties including insurance. Ownership of the equipment is transferred to the customers at the end of the leasing period. Solengy has installed 690 systems in 84 projects over the past 13 years across Haiti.                                                 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, Solengy is a leading distributed energy solution provider, offering turnkey and custom energy systems between 1KWp to 600KWp to residentials, commercial and industrial customers. 


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.

Local Access of Project Documentation:
Solengy Haiti S.A.
Rowolson Kuhn
CEO
+49 176 7010 1996
rowolson_kuhn@solengy.com
n.a.
http://www.solengy.com/index.htm   

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

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