GoSolar Energy Efficiency (DFC-2021-GOSOLARENERGY)

Countries
  • Costa Rica
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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
GoSolar Energy Efficiency S.R.L.
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)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 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)
$ 15.00 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)
$ 15.00 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 @ DFC website

Updated in EWS Mar 5, 2021

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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.

Portfolio of small scale residential and commercial solar energy projects, and the development and operation of a 5MW solar plant for the Costa Rican Institute of Energy.

The Project is expected to have a positive developmental impact on Costa Rica’s electrical power sector by expanding GoSolar’s existing distributed solar power generation business, including finance, installation, and operation of solar photovoltaic panels on credit to clients including residences and businesses. Solar power generation is extremely limited in Costa Rica despite excellent solar radiation availability, with solar accounting for an estimated 4 gigawatts (GWh) of more than 11,000 GWh of power generated annually in recent data from the International Energy Agency. The country relies heavily on hydropower which increases supply risks associated with drought. Energy supply diversification through distributed solar generation supports government efforts, which continue to define policies that support the segment’s growth. Solar generation assets under the Project will provide power directly to clients and to public grid infrastructure under evolving policies that permit private residences and businesses to self-supply solar electricity, send excess supply to the grid, and receive credit for future redemption for the excess supplied.

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

From the total investment amount, US$ 13.5 mi refers to a Proposed Insurance of US$ 13.5 mi.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - GoSolar Energy Efficiency S.R.L. Contractor Energy
LUZ VERDE COSTA RICA, LLC Subsidiary Energy owns WRB Serra Fund Undisclosed Energy

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.

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia

ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability

How it works

How it works