Electricity Tariff Stabilization Liquidity Facility (IDBI-12111-02)

Countries
  • Chile
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
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
C
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
Aug 25, 2020
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
Aela Generacion; AES Gener; Cerro Dominador; Colbun; Chungungo; Empresa Electrica Caren;
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 1.08 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 @ IDBI website

Updated in EWS Jul 20, 2020

Disclosed by Bank Jul 16, 2020

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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.
<div class="block">This operation (the "Operation" or the "Project") is intended to provide a liquidity facility to a group of companies comprising Aela Generaci&oacute;n S.A.; AES Gener S.A.; Cerro Dominador CSP S.A.; Colb&uacute;n S.A.; Chungungo S.A.; Empresa El&eacute;ctrica Caren S.A.; Empresa El&eacute;ctrica de Panguipulli S.A.; Enel Generaci&oacute;n S.A.; Engie Energ&iacute;a Chile S.A.; E&oacute;lica Monte Redondo S.A.; GM Holdings S.A.; Guacolda Energ&iacute;a S.A.; Norvind S.A.; San Juan S.A.; and Santiago Solar S.A.; (the "Clients" or the "Companies") to counter the repercussions in the economic environment generated by the Tariff Stability Law and the lack of liquidity they are experiencing as a result of the postponement of payment of part of the energy purchase agreement (PPA)&nbsp; price set forth in said law.&nbsp;&nbsp;The funds of the Operation will be used exclusively to acquire receivables associated with the stabilization mechanism established by the aforementioned Law. <div class="intro-frame block-wysiwyg"> <div>&nbsp;</div> </div> </div>
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Aela Generación SA Client -
- - - - AES Gener S.A. Client -
- - - - Cerro Dominador Client -
- - - - Chungungo Client -
- - - - Colbun SA Client -
- - - - Empresa Eléctrica Caren SA Client -
- - - - Enel Generación Chile SA Client -
- - - - Enel Green Power Chile Ltda Client -
- - - - Engie Energía Chile Client -
- - - - GM Holdings Undisclosed -
- - - - Guacolda Energía SA Client -
- - - - Norvind SA Client -
- - - - Santiago Solar 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.

For Project inquiries please contact the Clients:

AELA Generacion S.A.
Nombre: Adrian Ratner
Titulo: Chief Financial Officer
Numero de Telefono: +56 2 2486 2600
Correo Electronico:
adrian.ratner@aelaenergia.cl

AES Gener S.A.; y Guacolda Energia S.A.
Nombre: Felix Gomez
Titulo: Corporate Finance Manager
Numero de Telefono: +56 2 2686 8567
Correo Electronico:
felix.gomez@aes.com

Cerro Dominador CSP S.A.
Nombre: Fernando Gonzalez
Titulo: CEO
Numero de telefono: +1 (202) 600-3372
Correo electronico:
Fernando.Gonzalez@CerroDominador.com

Colbun S.A.
Nombre: Sebastian Moraga
Titulo: Chief Financial Officer
Numero de telefono: +56 2 2460 4020
Correo electronico:
smoraga@colbun.cl

Chungungo S.A.
Nombre: Alfredo Solar
Titulo: Gerente General
Numero de telefono: +56 2 2611 8300
Correo electronico:
asolar@atlasren.com

Parque Eolico Taltal SpA.; Enel Generacion Chile S.A.; y Enel Green Power Chile S.A.
Nombre: Isabela Klemes
Titulo: Head of Investor Relation Enel Chile Group
Numero de telefono: +56 2 2353 4682
Correo electronico:
isabela.klemes@enel.com

Engie Energia Chile S.A.; y Eolica Monte Redondo SpA.
Nombre: Eduardo Milligan
Titulo: CFO
Numero de telefono: +56 2 2353 3275
Correo electronico:
eduardo.milligan@engie.com

GM Holdings S.A.
Nombre: Angus Blackburn
Titulo: Chief Financial Officer
Numero de telefono: +56 2 2391 1100
Correo electronico:
ablackburn@generadora.cl

Empresa Electrica Caren S.A.; San Juan S.A.; y Norvind S.A.
Nombre: Esteban Moraga
Titulo: Chief Financial Officer
Numero de telefono: +56 2 2820 3200
Correo electronico:
esteban.moraga@latampower.com

Santiago Solar S.A.
Nombre: Ignacio Hernandez Amezquita
Titulo: CFO - AME SpA
Numero de telefono: +56 2 2896 8900
Correo electronico:
ignacio.hernandez@ame.cl

ACCOUNTABILITY MECHANISM OF IADB

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).

How it works

How it works