AES Warehousing Facility for Renewable Projects (IDBI-14542-01)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Dominican Republic
Geographic location where the impacts of the investment may be experienced.
Specific Location
Banì, Guayubín, Santo Domingo, Hatillo Palma, Peravia
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
  • 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
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
Sep 19, 2023
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
AES Dominicana Renewable Energy S.A.
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)
$ 132.00 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)
$ 132.00 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)
$ 773.40 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
Corporate Actor Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Dec 13, 2024

Disclosed by Bank Jul 5, 2023

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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.

As stated by the IDB Invest, AES Dominicana Renewable Energy S.A., a special purpose company organized under the laws of the Dominican Republic, and its shareholder AES España B.V., are seeking financing for the implementation of a platform to finance the design, construction, operation and maintenance or non-conventional renewable energy projects in the Dominican Republic. Initially, the Facility will include (a) three operating assets: Bayasol Solar Power Project (50 MW AC), Agua Clara Wind Power Project (50 MW AC) and Santanasol Solar Power Project (50 MWAC) and (b) three greenfield projects: Mirasol Solar Power Project (100 MW AC), Peravia I and Peravia II Solar Power Projects (75 MW AC each). All the assets are in the surroundings of Santo Domingo except for the Agua Clara Wind Power Project, which is situated in the northwest of the country, near Hatillo Palma in the province of Monte Cristi.

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.

As stated by Bloomberg, the AES Corporation is an electric power distribution company. The Company acquires, develops, owns, and operates renewable energy power plants. AES serves customers globally.
In 1996, AES made first investment in the Dominican Republic with the purchase of Dominican Power Partners from NGC Corp. DPP is the owner of Los Mina V and Los Mina VI, two 118 MW open cycle gas turbines.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
AES Corporation Parent Company Energy owns AES Dominicana Renewable Energy SA Client 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.

IDB Invest Team Leader:

Marco Monje
Email: requestinformation@idbinvest.org
Phone: +1(202)-566-4566
Address: 1350 New York Ave NW, Washington, DC 20005

Client - AES Dominicana Renewable Energy S.A.:

Rita Tirado - Gerente Ambiente, Seguridad & SO
Email: rita.tirado@aes.com
Website: https://www.aesdominicana.com/en
Addresses -
Santo Domingo: Roble Corporare Center, Piso 5, Calle Rafael Augusto Sanchez, No.86,Santo Domingo, R.D.
Peravia: Planta Solar Fotovoltaica AES Bayasol, Carretera Francisco del Rosario Sánchez, Municipio de Matanzas, provincia Peravia, S. D.
Phone: +1 809-955-2223

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / IDB INVEST

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 (IDB Invest)-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 IDB Invest 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