Company name
Cordillera Solar I S.A.
Project number
12006-02
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Argentina
Sector
Energy
Status
In implementation
Disclosed date
10/24/2017
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/28/2017
Approval date
12/14/2017
Signed date
02/23/2018
Sponsoring entity
N/A
Investment Operations Department Contact
INO Portfolio Management (PTM)
Investment type
Syndicated amount
USD $ 49,700,000
Financing amount
USD $ 11,000,000
Currency
USD
Project scope and objective
The Project consists of the construction, operation and maintenance of an 80 MWac (93.3MWp) solar photovoltaic (PV) plant and its associated facilities, including a 132kV 15km transmission line to be located near the City of Las Flores, Departamento de Iglesia, San Juan, Argentina (the “Project”). IIC is considering providing a USD [10M] 15-year senior project loan, and potentially a subordinated loan. IIC is playing a pivotal role in structuring the financing and mobilizing additional lenders to complete the financing package, including co-lenders, B-lenders, VAT lenders and climate funds. The Project would be the largest solar PV plant in Argentina financed under a limited-recourse project finance structure. With this, along with other renewable energy projects IIC is currently structuring in Argentina, IIC aims to demonstrate the viability of this type of financing in the new regulatory, economic and investment conditions in Argentina, including those established under Renewable Energy Law 27.191 and the RenovAr program.
Brief Project Description:
The Project will be owned by Cordillera Solar I S.A. (the “Borrower”) a vehicle indirectly owned by JinkoSolar Holding Co., Ltd. (the “Sponsor” or “JinkoSolar”). The Borrower signed a 20-year power purchase agreement (“PPA”) with the wholesale electric market administrator (“CAMMESA”) to inject energy to the national interconnection system (¨SADI¨) via the 132 kV Bauchaceta substation, located near the City of Las Flores, Departamento de Iglesia, San Juan, Argentina. The PPA was awarded to the Borrower following an international competitive bidding process launched by the Government of Argentina for the RenovAr 1.5 Program, at a price of USED 54.10 MWh. The project aims to complete construction and be commissioned in the third quarter of 2018, in line with commercial operation date committed in the PPA.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
hernan_talamo@jinkosolar.com
PHONE NUMBER
+54 9 11 6166 1967
POST OFFICE ADDRESS
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 OfficesFor inquiries, comments and information requests about the project
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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 SUMMARY
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