Company name
Empresa de Distribución Eléctrica Metro-Oeste, S.A. (EDEMET); y Empresa de Distribución Eléctrica Chiriquí S.A. (EDECHI)
Project number
13111-01
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
Panama
Sector
Energy
Status
Hold
Disclosed date
05/20/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/01/2020
Approval date
N/A
Signed date
N/A
Sponsoring entity
Naturgy Energy Group S.A.
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 transaction consists of a senior loan with a term of 30 months (the "Transaction”) to Empresa de Distribución Eléctrica Metro-Oeste, S.A. (“EDEMET”) and Empresa de Distribución Eléctrica Chiriquí S.A. (“EDECHI”). EDEMET and EDECHI (“Naturgy Panama” or “the Companies”) have more than 600,000 residential clients and account for 62.67% of total electricity sales in Panama. The loan will be allocated US$80 million to EDEMET and US$40 million to EDECHI, for a total of US$120 million.
The purpose of the Transaction is to provide working capital to the Companies to compensate for the lack of liquidity resulting from the deferral of electricity bills during the four-month moratorium approved by the Government of Panama (Law 152 of May 4, 2020) intended to help end-users affected by the economic crisis caused by the global coronavirus (Covid-19) pandemic. The beneficiaries of this Transaction will be the Companies’ end users.
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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 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
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