PCR Renewables (IFC-49802)

Countries
  • Argentina
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
A
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."
Voting Date
Jul 25, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Petroquímica Comodoro Rivadavia S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • 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)
$ 30.00 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)
$ 150.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 25, 2025

Disclosed by Bank Apr 11, 2025

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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 Bank’s website, the proposed investment consists of a 7-year senior loan of up to US$ 150 million to Petroquimica Comodoro Rivadavia (“PCR”), comprising US$ 30 million from IFC’s own account and US$120 million mobilized from other lenders, to fund the greenfield construction of a 180MW wind farm in Olavarría and the upgrade of the associated power transmission infrastructure, including a transmission line to the Olavarría substation, capacitor expansions at the Olavarría and Ezeiza substations operated by Transener and Edesur, respectively, and transformer repowering at the Bahía Blanca substation operated by Transener.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a category A project. Key environmental and social (E&S) risks and issues include: (i) Effective implementation of the corporate ESHS standards, (ii) company and project-level organizational capacity to assess and manage ESHS risks; (iii) labor, working conditions and grievance mechanism, (iv) contractor and supply chain EHS management, (v) OHS management; LFS and emergency preparedness and response, (vi) pollution prevention and waste management, (vii) community health and safety and security,(viii) land acquisition and involuntary resettlement, (ix) sensitive and high-value biodiversity and ecosystem services,  and (x), company's stakeholder engagement activities related to management of E&S aspects and its grievance mechanism.

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

The proposed investment consists of a 7-year senior loan of up to US$ 150 million, comprising US$ 30 million from IFC’s own account and US$ 120 million mobilized from B lenders.

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.

Petroquímica Comodoro Rivadavia S.A. is a private Argentine company founded in 1921 and owned by two Argentinian families, Brandi (55%) and Cavallo (45%) families. The company operates in 3 different sectors: (i) renewable energy generation, being one of the largest renewable energy platform in Argentina, operating six wind farms with a total capacity of 527,4 MW, (ii) exploration and production of Oil & Gas in Argentina and Ecuador, and (iii) production and distribution of cement and construction materials in the South of Argentina.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Petroquimica Comodoro Rivadavia SA Client -

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.

Petroquímica Comodoro Rivadavia S.A.
Juan Giglio
Chief Financial Officer
+54 9 11 6798-0153
jgiglio@pcr.energy
Av. Alicia Moreau de Justo, 3rd Floor, Office 304, C1107, Buenos Aires, Argentina
http://www.pcr.energy

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

How it works

How it works