Company name

La Pimienta Solar S. de R.L. de C.V.

Project number

12893-01

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
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B

Country

Mexico

Sector

Energy

Status

In implementation

Disclosed date

04/28/2020

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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07/14/2020

Approval date

08/06/2020

Signed date

01/21/2021

Team leader

Pascual, Joana

Investment type

Financing requested

N/A

Syndicated amount

N/A

Financing amount

USD $ 100,000,000

Currency

USD

Project scope and objective

The La Pimienta A/B Bond Solar Project consists of the design, construction, commissioning, operation and maintenance of approximately 444 megawatt-peak (“MWp”) solar power plant in the state of Campeche, Mexico; and all associated transmission and interconnection facilities, which include a transmission line (TL) of up to 2.17 km. from the lift substation, to the interconnection substation with the Transmission System network (“the Project”). The Project is being developed by Atlas Renewable Energy, one of the largest renewable energy developers in Latin America with concrete experience in developing solar PV projects in Mexico.

The project has a long-term power purchase agreement that will contribute to achieving the objectives of the Government of Mexico to diversify its electricity matrix by delivering clean PV solar energy and supporting the impulse to create a wholesale electricity market while reducing the country's dependence on thermal energy, since the Mexico's objective is that in 2050 clean energy sources provide 50% of the electricity generation combination.

The IDB Invest financing will consist of an A-loan for an amount up to US$50 million to be funded by the IDB Invest or IDB. The A-loan will be complemented by a B-loan, which will be funded through the sale of participations to a special purpose vehicle with funds from the sale of bonds to international institutional investors. It is expected that IDB Invest financing will be complemented with a long-term loan up to USD 30 million with the same terms and conditions of the IDB Invest A-loan as well as other credit lines to be provided by Bancomext.



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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

ENVIRONMENTAL AND SOCIAL REVIEW

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Client files

This section provides the key environmental and social assessment documents produced by the client for this project.

ESAP 4-28-2020.PDF

115.2 Kb

ESRS 4-28-2020 1.PDF

178.5 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

N/A

POSITION

N/A

PHONE NUMBER

(+52) 55 7252-2000

EMAIL

pimienta@proyectolapimienta.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices