Parque Arauco Wind Projects (IIC-PROJECTNUMBER)

Countries
  • Argentina
Geographic location where the impacts of the investment may be experienced.
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
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
Jun 26, 2018
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
Vientos de Arauco Renovables SAU and Arauco Renovables SAU
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)
$ 50.00 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 @ IIC website

Updated in EWS Sep 18, 2018

Disclosed by Bank Mar 5, 2018

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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.

This project provides financing for the construction of two wind farms to be built on the sites of existing plants, and the construction of a transmission line connecting the plants to the national grid:

  1. Phases 1 and 2 of the Arauco Wind Project II (Central Arauco II – phases 1 and 2), a 99.75 MW wind farm
  2. Phases 3 and 4 of the Arauco Wind Project II (Central Arauco II phases 3 and 4) , a 95MW wind farm
  3. 83 kilometer, 132 kV high voltage transmission line to connect the Arauco Wind Project II plants to the 500 kV distribution transforming station (La Rioja Sur- operated by Transnoa)

Production is expected to begin in 2019.

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.

Arauco Renovables SAU and Vientos de Arauco Renovables SAU are special purpose vehicles that are owned by Parque Arauco, and have been created for the purpose of implementing the wind farms.

The project will sell electricity to CAMMESA under two 20-year power purchase agreements awarded under the RenovAr Program.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Arauco Renovables SAU Client -
- - - - CAMMESA S.A. Buyer -
- - - - Parque Arauco S.A. Parent Company -
- - - - Vientos de Arauco Renovables SAU 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.

For inquiries about the Project, contact: Envision Energy
Client Contact name: Fernando Carbel
Email address: jfcarbel@peasapem.com

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).

How it works

How it works