Company name
A special purpose vehicle to be incorporated under Mexican law (the"Warehousing Trust")
Project number
11946-04
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Mexico
Sector
Financial Institutions
Status
Inactive
Disclosed date
11/10/2016
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/13/2016
Approval date
12/13/2016
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 64,479,600
Financing amount
USD $ 173,179,000
Currency
MXN, USD
Project scope and objective
The objective of the proposed transaction is to raise financing from the capital markets for the purchase of photovoltaic systems in Mexico. The transaction will provide a revolving loan facility to a special purpose vehicle (the “Warehousing Trust”), which transaction will be structured to be refinanced through a securitization for which the IIC will provide a Partial Credit Guarantee. Iliosson S.A. de C.V., a Mexican subsidiary of SolarCity Corporation, or a subsidiary thereof (“Iliosson”) will originate, sell, operate, maintain and service the photovoltaic systems on residential, industrial and commercial properties in Mexico (the “PV systems” or “sub projects”). This transaction will enable the financing of the purchase of the PV Systems from Iliosson.
The IIC Project financing will be provided in two steps: (i) an Accumulation Stage, in which the IDB and IIC will provide a senior revolving loan, which is expected to include a revolving B loan, to the Warehousing Trust with the aim of purchasing and accumulating credit rights arising from the purchased PV systems (the “Warehousing Loan”); and (ii) a Mobilization Stage, in which the IIC will provide one or more Partial Credit Guarantees (PCGs) to support the securitization of these credit rights in local capital markets. The PCGs will support the issuance of up to three Securitization Cycles: one issuance every 24 months.
The Project may receive financial support from the Clean Technology Fund (CTF) in the form of a Partial Credit Guarantee to support the Warehousing Loan during the Accumulation Stage.
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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.
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
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