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According to the International Finance Corporation, this project consists in a Senior Secured Loan, a loan takes priority over other loans in repayment, to SabCapital S.A. de C.V., SOFOM, E.R. The loan will be used to grow its tourism (hotels) and green buildings portfolios in Mexico. The proposed project will support the entrance of Banco de Sabadell S.A. (Spain), through SabCapital, as a new participant in the Mexican financial system. The loan will be fully guaranteed by Sabadell Spain.
The International Finance Corporation has rated the project as FI-2, which according to their documents corresponds with a medium risk or category B project. It gives the following explanation for their rating:
This project has been categorized as FI-2 in accordance with IFC’s Policy on Environmental and Social Sustainability based on the risk of the portfolio to which IFC will be exposed. As of March 2018, SabCapital lending to hotels represented 17.5% of their total loan portfolio. Most of SabCapital’s hotel portfolio includes projects with potential limited adverse environmental or social (E&S) risks or impacts that can be readily addressed through mitigation measures. However, some hotels might be in environmentally and culturally sensitive areas, and require additional mitigation measures. As part of IFC’s financing, SabCapital will be required to screen all its commercial loans against IFC Exclusion List, and to verify that loans to hotels and green buildings comply with the applicable E&S laws and, when applicable, with IFC Performance Standards.
The International Finance Corporation says that the project will have the following impacts:
(i) Competitiveness: In the highly concentrated banking system in Mexico, the entrance of Sabadell Spain is expected to help foster higher competition in the corporate banking and project finance space, particularly in tourism (hotels) and green investments.
(ii) Sustainability: The project will contribute on the development of sustainable finance in Mexico, with a special focus on tourism (hotels) and green buildings.
Additionally, the key potential environmental and social risks that the Corporation has identified are listed below:
(i) worker’s health and safety during construction
(ii) conversion of and impacts to critical natural habitat
(iii) unfair working conditions in the hospitality industry
(iv) life and fire safety in buildings accessed by the public.
The investment will be in the form of a Senior Secured Loan.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
An extended list of private actors is available in a separate file.
The International Finance Corporation lists the following description for the private actors involved in this project:
Sponsor: Sabadell Spain is the 4th largest Spanish financial institution, operating mainly in Spain, UK and the Americas. The group is listed in the IBEX 35 stock market in Spain.
Partner: SabCapital is a fully owned subsidiary of Sabadell Spain. It started operations in Mexico in April 2014 as a SOFOM, a non-bank financial institution (non-deposit taking), focusing on corporate lending in sectors such as tourism, real estate, energy, industry, among others.
Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
---|---|---|---|---|---|---|
- | - | - | - | Banco de Sabadell SA | Investor | - |
- | - | - | - | Banco de Sabadell SA | Parent Company | - |
8minutenergy Renewables LLC | Parent Company | Energy | owns | CD Clean Energy & | Client | Energy |
ACS | Parent Company | Construction | owns | Dragados SA | Client | Construction |
Al-Fanar Coml Invest Co | Parent Company | Energy | owns | Alfanar Wind Farms | Client | Energy |
Alupar Investimento | Parent Company | Energy | owns | Nueva Esperanza - La Virginia Transmission Line (125KM) PPP | Client | Energy |
Apollon Holding AS | Parent Company | Construction | owns | Verallia France SA | Client | Construction |
Ardo Coordination Center NV | Parent Company | Agriculture and Forestry | owns | Congelados De Navarra SA | Client | Agriculture and Forestry |
Avant Energy S. De Rl De Cv | Parent Company | Energy | owns | Fuerza Y Energia Limpia De | Client | Energy |
Banco de Sabadell | Investor | Finance | invests in | 8minutenergy Renewables LLC | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Abelan Board & Pkg Solutions | Parent Company | Industry and Trade |
Banco de Sabadell | Investor | Finance | invests in | Abengoa Abenewco 1 SAU | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Abengoa Abenewco 2 SAU | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Abertis Infraestructuras SA | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Acciona SA | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Acek Desarrollo y Gestion | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Acoustics & Insulation | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | ACS | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | ACS | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Adveo Group International SA | Parent Company | Agriculture and Forestry |
Banco de Sabadell | Investor | Finance | invests in | AECOM | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Afortunadas Shipping Ltd | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Africana Energia SL | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Agencia Guipuzcoana de | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Al-Fanar Coml Invest Co | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Aldesa Agrupacion Empresarial | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Aldesa Construcciones SA | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Alfa SAB de CV | Parent Company | Industry and Trade |
Banco de Sabadell | Investor | Finance | invests in | Almacenes Metalurgicos SA | Parent Company | Mining |
Banco de Sabadell | Investor | Finance | invests in | Alposol Fotovoltaica Slu | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Altan Pharma Spain SLU | Parent Company | Education and Health |
Banco de Sabadell | Investor | Finance | invests in | Amcor Ltd | Parent Company | Industry and Trade |
Banco de Sabadell | Investor | Finance | invests in | American Tower Corp | Parent Company | Infrastructure |
Banco de Sabadell | Investor | Finance | invests in | AMETEK Inc | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Ancient Baths Group SL | Parent Company | Industry and Trade |
Banco de Sabadell | Investor | Finance | invests in | Anheuser-Busch Inbev SA/NV | Parent Company | Agriculture and Forestry |
Banco de Sabadell | Investor | Finance | invests in | Apollon Holding AS | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Apoyo y Logistica Ind Canarias | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Applegreen PLC | Parent Company | Mining |
Banco de Sabadell | Investor | Finance | invests in | ArcelorMittal SA | Parent Company | Mining |
Banco de Sabadell | Investor | Finance | invests in | Ardo Coordination Center NV | Parent Company | Agriculture and Forestry |
Banco de Sabadell | Investor | Finance | invests in | Argan SA | Parent Company | Industry and Trade |
Banco de Sabadell | Investor | Finance | invests in | Arlington Valley Solar Energy | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | ARTECHE LANTEGI ELKARTEA SA | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Asset Energia Solar | Parent Company | Energy |
Banco de Sabadell | Investor | Finance | invests in | Astilleros de Murueta SA | Parent Company | Transport |
Banco de Sabadell | Investor | Finance | invests in | Aten Oil | Parent Company | Construction |
Banco de Sabadell | Investor | Finance | invests in | Avant Energy S. De Rl De Cv | Parent Company | Energy |
BANKINTER SA | Parent Company | Energy | owns | Solucia Renovables 1 Sl | Client | Energy |
Baywa Re Solar Systems | Parent Company | Energy | owns | Fern Solar LLC | Client | Energy |
Belltown Power Ltd | Parent Company | Energy | owns | Tirgwynt Onshore Wind Farm | Client | Energy |
Bid Corp Ltd | Parent Company | Agriculture and Forestry | owns | Guzman Gastronomia SL | Client | Agriculture and Forestry |
Caithness Energy LLC | Parent Company | Energy | owns | Guernsey Power Stn Llc | Client | Energy |
Cemex SAB de CV | Parent Company | Construction | owns | Cia Valenciana de Cementos | Client | Construction |
Crowind S.L. | Parent Company | Energy | owns | Eolia Windco SLU | Client | Energy |
Cubico Sustainable Invests Ltd | Parent Company | Energy | owns | Project Fortitude | Client | Energy |
Duke Energy Corp | Parent Company | Energy | owns | Green Frontier Windpower LLC | Client | Energy |
Elecnor | Parent Company | Energy | owns | Elecnor Refinancing 2017 | Client | Energy |
Engie SA | Parent Company | Energy | owns | Monet | Client | Energy |
Eolia Renovables de | Parent Company | Energy | owns | Explotaciones Eolicas Sierra | Client | Energy |
Eurocom Holdings (1979) Ltd | Parent Company | Energy | owns | Generacion Eolica Castilla La | Client | Energy |
First Solar Inc | Parent Company | Communications | owns | Cal Flats Solar InvestCo LLC | Client | Communications |
Fri-El Green Power SpA | Parent Company | Energy | owns | Alerion Wind Acq | Client | Energy |
Greenalia SA | Parent Company | Energy | owns | Greenalia Wind Power Eolo Moc | Client | Energy |
Grupo Argos SA | Parent Company | Construction | owns | Argos N America Corp | Client | Construction |
Grupo Bio Pappel SA de CV | Parent Company | Agriculture and Forestry | owns | Bio Pappel SAB de CV | Client | Agriculture and Forestry |
Grupo Energia Bogota SA ESP | Parent Company | Energy | owns | Transcogas Peru SAC | Client | Energy |
Grupo Enhol | Parent Company | Energy | owns | Eolica Ablitas | Client | Energy |
Grupo Siro Corporativo SL | Parent Company | Agriculture and Forestry | owns | Cerealto Siro Foods SL | Client | Agriculture and Forestry |
Inmobiliaria Carso SA de CV | Parent Company | Construction | owns | Azincourt Investment | Client | Construction |
Inmobiliaria Carso SA de CV | Parent Company | Construction | owns | FCC | Client | Construction |
Invenergy | Parent Company | Energy | owns | Altamira I Trigeneration Plant (18MW) | Client | Energy |
KKR & Co Inc | Parent Company | Energy | owns | X-Elio Solar Portfolio | Client | Energy |
Koc Holding AS | Parent Company | Finance | owns | Yapi ve Kredi Bankasi AS | Client | Finance |
Kuwait Investment Authority | Parent Company | Energy | owns | Global Power Generation SA | Client | Energy |
Laboratorios Sanfer SA de CV | Parent Company | Education and Health | owns | Invekra SAPI de CV | Client | Education and Health |
Madrilena Red de Gas | Parent Company | Energy | owns | Madrilena Red de Gas Eurobond Facility 2017 | Client | Energy |
Meridia Capital Partners SGEIC | Parent Company | Agriculture and Forestry | owns | Sosa Ingredientes SL | Client | Agriculture and Forestry |
Minerva Capital SL | Parent Company | Communications | owns | PREMO Corp SL | Client | Communications |
Nueva Composan SA | Parent Company | Construction | owns | Asfaltos Chova | Client | Construction |
Obrascon Huarte Lain | Parent Company | Energy | owns | Obrascon Huarte Lain (OHL) Additional Facility 2017 | Client | Energy |
Olmedilla Energia Solar SL | Parent Company | Energy | owns | Olmedilla Hive SL | Client | Energy |
Opdenergy SA | Parent Company | Energy | owns | Opde Andalucia 1 | Client | Energy |
Opdenergy SA | Parent Company | Energy | owns | Opde Extremadura 2 | Client | Energy |
Optrom Inc | Parent Company | Energy | owns | Carraig Gheal Windfarm | Client | Energy |
Peoples Republic of China | Parent Company | Construction | owns | Aeronaval de Construcciones | Client | Construction |
Pescanova SA | Parent Company | Agriculture and Forestry | owns | Nueva Pescanova SL | Client | Agriculture and Forestry |
Portobello Capital SL | Parent Company | Agriculture and Forestry | owns | Angulas Aguinaga SA | Client | Agriculture and Forestry |
Realza Capital SGECR SA | Parent Company | Construction | owns | Industrias Dolz SA | Client | Construction |
Renovalia Solar SL | Parent Company | Energy | owns | Ciudad Real Merchant Solar | Client | Energy |
SPIE SA SPV | Parent Company | Construction | owns | Spie SA | Client | Construction |
SSE PLC | Parent Company | Energy | owns | WTI Ferrybridge Ltd | Client | Energy |
Tenaga Nasional Bhd | Parent Company | Energy | owns | Vortex Solar UK Ltd | Client | Energy |
The Carlyle Group LP | Parent Company | Agriculture and Forestry | owns | Grupo Empresarial Palacios | Client | Agriculture and Forestry |
The Cranemere Group Ltd | Parent Company | Construction | owns | Construplas SL | Client | Construction |
The DE Shaw & Co LP | Parent Company | Energy | owns | Desri Lkv Solar Financing LLC | Client | Energy |
The DE Shaw & Co LP | Parent Company | Energy | owns | Red Horse Wind 2 LLC | Client | Energy |
Viking Consortium Holdings Ltd | Parent Company | Energy | owns | Belvedere Waste-to-Energy | Client | Energy |
Vivimed Labs Ltd | Parent Company | Education and Health | owns | Uquifa | Client | Education and Health |
Vivimed Labs Ltd | Parent Company | Education and Health | owns | Vivimed Labs Spain SL | Client | Education and Health |
Yantai Chang Yu Group Co Ltd | Parent Company | Agriculture and Forestry | owns | Hacienda y Vinedos Marques | Client | Agriculture and Forestry |
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/