Creditel - Green Hydroyen (IFC-49214)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Uruguay
Geographic location where the impacts of the investment may be experienced.
Specific Location
Fray Bentos, Rio Negro Department
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
  • 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
Proposed
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
May 15, 2025
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
Socur S.A. (Creditel)
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)
$ 20.00 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)
$ 20.00 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)
$ 38.70 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.
Government Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 21, 2025

Disclosed by Bank Mar 13, 2025

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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 IFC, the proposed investment consists of a senior A loan of up to US$ 20 million to Socur S.A. (“Creditel”) to finance the development of a green hydrogen (GH) plant in Uruguay. Creditel will own the project assets, which in turn will be operated by and leased to Kahirós, a special purpose vehicle. The A Loan will have 7-year tenor, which IFC will help structure as a green loan.
The Sub-project facilities will be constructed in Fray Bentos, the capital of the Rio Negro Department in southwestern Uruguay.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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, Creditel is fully owned by Banco Santander S.A. (Spain). The Sub-project will be built and operated through Naspuy, S.A. (“Kahirós”), an SPV equally owned by Ventus Global S.A., Fraylog S.A., and Hyundai-Fidocar S.A..

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Fidocar S.A. Parent Company Industry and Trade contracts with Hyundai Motor Company Parent Company Industry and Trade
Fidocar S.A. Parent Company Industry and Trade owns Hyundai-Fidocar S.A. Subsidiary Industry and Trade
Fraylog S.A. Parent Company Industry and Trade contracts with Hyundai-Fidocar S.A. Parent Company Industry and Trade
Fraylog S.A. Parent Company Industry and Trade owns Naspuy S.A. (Kahirós) Client Energy
Fraylog S.A. Parent Company Industry and Trade contracts with Ventus Ingenieria SRL Parent Company Infrastructure
Hyundai Motor Company Parent Company Industry and Trade owns Hyundai-Fidocar S.A. Subsidiary Industry and Trade
Hyundai-Fidocar S.A. Parent Company Industry and Trade owns Naspuy S.A. (Kahirós) Client Energy
Hyundai-Fidocar S.A. Parent Company Industry and Trade contracts with Ventus Ingenieria SRL Parent Company Infrastructure
Ventus Ingenieria SRL Parent Company Infrastructure owns Naspuy S.A. (Kahirós) 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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Socur S.A.

Mayra Biagetti - CFO
Phone: +59826283401
Email: mbiagetti@creditel.com.uy
Address: Avd. Americo Ricaldoni 1674
Website: https://www.creditel.com.uy

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

How it works

How it works