Patrimonio Autonomo La Union (FMO-61925)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Monteria, Department of Cordoba
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
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Dec 5, 2022
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
Solarpack Corporación Tecnológica S.A.U.
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)
$ 10.12 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)
$ 10.12 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.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Nov 4, 2024

Disclosed by Bank Dec 27, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 IFC, the proposed investment 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.

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.

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.

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.

The FMO categorized the project E&S risks as 'B+'.

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.

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) .

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Solarpack Corporación Tecnológica S.A.U. 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.

No contact information provided at the time of disclosure

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: disclosure@fmo.nl

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

How it works

How it works