Company name
Compañía de Alumbrado Eléctrico de San Salvador, S.A. de C.V. (CAESS), Empresa Eléctrica de Oriente, S.A. de C.V. (EEO), AES CLESA S. en C. de C.V. (CLESA) y Distribuidora Eléctrica de Usulutan (DEUSEM)
Project number
13110-01
Category C projects are those that are likely to result in very limited or no adverse environmental or social impacts or risks.
E&S category
C
Country
El Salvador
Sector
Energy
Status
Completed
Disclosed date
05/08/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/23/2020
Approval date
07/02/2020
Signed date
07/20/2020
Sponsoring entity
The AES Corporation
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 60,000,000
Currency
USD
Project scope and objective
The proposed transaction is a payment facility to purchase accounts receivable for up to USD 120 million ("The Facility" or "The Transaction") that will be used to discount electricity bills issued by four (4) electricity distribution companies in El Salvador: i) Compañía de Alumbrado Eléctrico de San Salvador, SA de CV (CAESS); ii) Empresa Eléctrica de Oriente, S.A. de C.V. (EEO); (iii) AES CLESA S. en C. de C.V. (CLESA); and iv) Distribuidora Eléctrica de Usulután (DEUSEM) (hereinafter "AES El Salvador" or "the Companies"). The Companies are controlled, and majority owned by The AES Corporation. The invoices arise from Executive Decree No. 12 of the Executive Body for the Health Sector of March 21, 2020, for the deferral of payment of electricity consumers' invoices, in order to address the Companies' liquidity and working capital needs. The credit line will be available for up to three months and the deferred invoice payments shall be repaid in 24 monthly installments.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY
48.3 Kb