Original disclosure @ FMO website
Updated in EWS Dec 30, 2022
Disclosed by Bank Dec 27, 2022
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WHO IS OUR CUSTOMER
Solarpack Corporacion Tecnologica S.A.U. ("Solarpack" or "the Client"), is a multinational IPP developer with presence in Europe, North American, Latin America, Asia and Africa. Its purpose is to accelerate the transition to clean and affordable energy for all. To this end, they generate 'products and services' in the field of clean energy. Solarpack was founded in 2005 as one of the first pure solar PV developers and independent power producers in Spain. Solarpack has developed about 1,151 MW and built 894 MW of PV plants, and operates 916 MW of installed capacity in 6 countries, 3 of which FMO has focus on (Peru, Colombia and India) .
WHAT IS OUR FUNDING OBJECTIVE?
The facilities will be used for the construction of two PV solar plants (each a "Project") with a total installed capacity of 252 MWp, La Mata (108.3 MWp) located in the Municipality of La Gloria, Cesar and La Union (144.5 MWp) located in Monteria, Cordoba, including associated facilities like transmission lines and related civil works, including access roads, substations, or other works needed to supply the energy produced. Total project costs are approximately COP 785 billion (USD ~180mln). These projects will provide a significant increase of the renewable energy capacity of Colombia, a country in which renewable sources accounts only for 1% of the total energy generation.
WHY DO WE FUND THIS INVESTMENT?
This transaction fits well within FMO energy strategy of promoting clean energy, as the loan will be used for 100% green power generation projects. Also, our additionality comes from providing long term (local currency) financing with appropriate tenors for renewable energy projects, that are scarce in the country.
WHAT IS THE ENVIRONMENTAL AND SOCIAL CATEGORIZATION RATIONALE?
FMO E&S category for this transaction is B+, reflecting contextual risks and risks related to supply chain, occupational and community health and safety, waste management, potential biodiversity and cultural heritage impacts. The following IFC Performance Standards are applicable for this investment: IFC 1-6 and 8. The following IFC PS is not considered applicable:
- IFC PS7: neither the Environmental and Social Assessment nor IDB's DD identified any people qualifying as Indigenous being impacted by the project.
ACCESS TO INFORMATION
As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: firstname.lastname@example.org
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism