Company name
Blue Power & Energy S.A.
Project number
NI3841A-01
N/A
E&S category
N/A
Country
Nicaragua
Sector
Energy
Status
Completed
Disclosed date
02/02/2011
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
03/08/2011
Approval date
03/08/2011
Signed date
08/30/2011
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 35,000,000
Financing amount
USD $ 80,000,000
Currency
N/A
Project scope and objective
The proposed investment in the wind farm consists of installing twenty-two 1.8 MW Vestas V90 wind turbine generators, resulting in a total power generation capacity of 39.6 MW per year. The project will be located in southwestern Nicaragua, near the town of Rivas. The area of the wind farm will be interconnected by a network of access roads. Power will be delivered to the Amayo substation via a 13 km overhead line.
The main purpose of the La Fe / San Martín wind farm is to provide affordable electricity to the Nicaraguan power grid from a clean, renewable source—wind. The farm’s expected net power output is 138 GWh per year, at 40% capacity. The project qualifies as a clean development mechanism (CDM) project.
Blue Power & Energy S.A. is a special purpose vehicle in Nicaragua, established by Mr. Joaquín Cuadra, M & Block and Construcción Lacayo Fiallos S.A. All these companies are owned by Nicaraguan citizens. Vestas WTG México S.A. de C.V. will supply the equipment and provide wind generator transportation, unloading, assembly, and installation services. Industria Tecnológica de Panamá S.A., an affiliate of the Belgian group TRECO, is the transaction manager. Dissur and Disnorte, utilities companies in Nicaragua, will be the offtakers.
The Panama branch of Banco Internacional de Costa Rica has been working with the IIC in structuring the operation. The Danish exports agency Eksport Kredit Fonden (EKF) is also participating in the transaction.
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Contact information
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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.
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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
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