La Jacinta Long-Term Bond (IIC-12077-02)

Countries
  • Uruguay
Geographic location where the impacts of the investment may be experienced.
Specific Location
Salto
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
Active
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
Dec 15, 2017
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
La Jacinta S.R.L
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • 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)
$ 7.20 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)
$ 88.73 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 @ IIC website

Updated in EWS Sep 18, 2018

Disclosed by Bank Nov 15, 2017

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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.

La Jacinta is a 50MW (AC) / 64.8MW peak (DC) fixed tilt photovoltaic (“PV”) power plant and its associated facilities. La Jacinta is located in Salto, Department of Salto, Uruguay, and currently operates under a 30-year Power Purchase Agreement (“PPA”) with UTE, the state-owned utility of Uruguay.

The la Jacinta solar power project financed by the IDB with an A/B Loan for US$56 million and a C2F Loan for US$25 million is seeking to optimize it current financing through an IDB Invest A/B Bond. The B-Bond will be sold into the private placement market under section 4 (a) (2) of the 1933 U.S. Securities and Exchange Commission Act. This structure will allow the Project to achieve longer tenors than in the traditional bank market.

The proceeds of the B-Bond will be used to repay the IDB A and B Loans in their entirety. As part of the financial plan the IDB Invest provide an A Loan for approximately US$7million and purchase up to 5% of the B-Bond. The tenor of the A Loan and B Bond will be 25 years.

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
- - - - Invenergy LLC Parent Company -
- - - - La Jacinta S.R.L 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.

Contact Information:
Mary Ryan | Corporate Communications
Invenergy | One South Wacker Drive, Suite 1800, Chicago, IL 60606
mryan@invenergyllc.com| D 312.582.1424 | @InvenergyLLC

For inquiries and comments to IIC, contact:
IIC’s Communications Group
E-mail: divulgacionpublica@iadb.org

ACCOUNTABILITY MECHANISM OF IIC
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).

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How it works