Multicountry: Patria Infrastructure Fund V - Co-Investment: Project Aqua (AIIB-E0636C-CI01)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Chile
Geographic location where the impacts of the investment may be experienced.
Specific Location
Region of Valparaíso
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
  • Asian Infrastructure Investment Bank (AIIB)
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
Mar 19, 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
Aguas Pacifico
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
  • Infrastructure
  • Mining
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 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
Media Documents
Other Related Projects
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 12, 2025

Disclosed by Bank Apr 18, 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 AIIB, the objective of this co-investment is to provide a sustainable infrastructure solution for Chile's central region experiencing high drought risk and water stress by financing desalination plant, thereby addressing the growing water scarcity crisis in the region.

Alongside Patria Infrastructure Fund V (the Fund), AIIB is making an equity co-investment in Aguas Pacifico. The Aguas Pacifico project (the Project) is a water desalination initiative located in Chile's central region, designed to address water stress and climate change impacts by providing a sustainable freshwater source. The Project is being developed in two phases: Phase I includes the construction of a 1,000 liters per second (l/s) desalination plant, a 104 km aqueduct, and an electricity substation. Phase II will expand the plant's capacity to 2,000 l/s.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

According to the AIIB, the Project has been categorized as Category B with high-risk rating, considering the significant environmental and social (ES) impacts on marine and terrestrial biodiversity due to brine discharge to the marine environment and aqueduct passing through biosphere reserve, and potential occupational health and safety issues due to civil construction activities including a 6 km tunnel development.

ESDD concludes that the pipeline installation in this Project is not causing any physical displacement but, in some areas, it temporarily causes economic displacement on some stakeholders, that are treated and compensated in alignment with the relevant mechanism. Project-affected people (PAPs) have been economically compensated by Aguas Pacifico for these temporary losses. In addition, Aguas Pacifico engages with local men and women and it is evolving to more structured gender-inclusive strategies. AIIB encourages and will monitor efforts to promote gender diversity and equity through community-based initiatives.

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 Bloomberg, Patria Investments Limited operates as an asset management firm. The Company focuses on private equity, infrastructure, real estate investment, and business credit. Patria Investments serves customers in the United States.

As stated by BNAmericas, Aguas Pacífico SpA, founded in 2016 by the Brazilian investment company Pátria Investimentos in Santiago de Chile, designs, finances, builds and operates seawater desalination plants and exploits water resources in Chile and abroad. Aguas Pacífico develops the Aconcagua Project in the Region of Valparaíso, which will supply 1.000l/s of desalted water for drinking or industrial purposes.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pátria Investimentos Ltda Investor Finance
Anglo American PLC Buyer Mining contracts with Aguas Pacífico SpA Client Water and Sanitation
Pátria Investimentos Ltda Parent Company Finance owns Aguas Pacífico SpA Client Water and Sanitation

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.

AIIB Team Leaders:

Rusu Lee - Senior Investment Officer
Email: rusu.lee@aiib.org

Xiali Wu - Investment Associate
Email: xiali.wu@aiib.org

Implementing Entity - Patria Investments Ltd.:

Pablo Cano - Director
Email: IR.infra@patria.com

Bruno Fregonezi - Director, Investor Relations
Email: IR.infra@patria.com

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

How it works

How it works