Enel Col UCL (IFC-47995)

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.
Financial Institutions
  • International Finance Corporation (IFC)
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
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."
Voting Date
Oct 31, 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
Enel Colombia S.A. E.S.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
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)
$ 300.00 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)
$ 300.00 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)
$ 750.00 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 @ IFC website

Updated in EWS Nov 27, 2024

Disclosed by Bank Aug 31, 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.

According to the Bank’s website, the proposed investment entails an up to US$300 million equivalent in COP, 8-year senior unsecured corporate facility to Enel Colombia S.A. E.S.P. (“Enel Colombia” or the “Company”). Enel Colombia is a regional regulated and integrated public services company operating in Colombia and Central America's power generation and distribution segments. The Company is the result of a merger by absorption of the Company’s operations, including Codensa (distribution) and Enel Green Power (Non-Conventional Renewable Energy generation) into Emgesa (hydro and thermal generation) in March 2022. The proceeds of the Facility will be used to finance part of the Company’s 2023-2025 energy distribution plan, including CAPEX for new assets, climate resilience, digitalization and smart-meters, maintenance, and customer development in Colombia.

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 the IFC, the Company is owned 57.345% by Enel Americas, 42.515% by Grupo Energía de Bogota, and 0.14% by other minority investors.

Enel Americas (“Enel Americas”), the Company’s controlling shareholder, is a direct subsidiary of Enel SpA (Italy), acting as a holding entity that comprises all operations in Latin America including subsidiaries in Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama, and Peru. Enel Americas has 16.1 GW of installed capacity, of which 71.2% comes from renewable sources (44.0% hydro, 16.7% wind, and 10.8% solar). The distribution segment attends 23.3 million clients in the region.

Grupo Energía de Bogota (“GEB”) is the holding company for energy sector investments of the municipality of Bogota, primarily operating in Colombia, Peru, Guatemala, and Brazil. The Company engages in the generation, transmission, distribution, and commercialization of electric energy and natural gas

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Enel SpA Parent Company Energy owns Enel Colombia S.A. E.S.P. Client Energy
Grupo Energia Bogota SA ESP Investor Energy invests in Enel Colombia S.A. E.S.P. 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.

Enel Colombia S.A. E.S.P.
Diego Fernando Rubio
Head of Corporate Finance COP & CAM
+57 601 5147000
diego.rubiom@enel.com
Calle 93 #13– 45 Bogotá, Colombia
https://www.enel.com.co/es/inversionista.html

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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How it works