This contingent investment grant will support a loan (BR-L1576) and be complemented by a technical cooperation (BR-T1497) with the aim to seeks to address main investment barriers for battery storage Brazil, i.e. lack of familiarity with BESS technology among key stakeholders, lack of adequate cost recovery mechanisms, and high upfront costs - CAPEX. In this sense, the IGR will support the Brazilian National Development Bank (BNDES) in capitalizing a guarantee fund (Fundo Garantidor para Eficiencia Energetica, or FGEnergia) which will offer to their vast network of partner local financial intermediaries (LFIs) concessionally-priced guarantees to be used as alternative collateral in order to expand lending to MSMEs investments in BESS.
**Project contacts not available at the time of disclosure.**
ACCOUNTABILITY MECHANISM OF IADB / IDB Invest
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 (IDB Invest)-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).