Company name
Energy International, Inc.
Project number
CO3896A-01
N/A
E&S category
N/A
Country
Colombia
Sector
Energy
Status
Completed
Disclosed date
07/27/2009
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/01/2009
Approval date
09/01/2009
Signed date
11/10/2009
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 14,000,000
Financing amount
USD $ 54,500,000
Currency
N/A
Project scope and objective
The Termo Rubiales project involves designing, building, and operating a thermal power plant with a gross capacity of 63 MW and a net capacity of 56.5 MW. The plant will supply the energy needed by the Rubiales oilfield (in the department of Meta, Colombia), which has an expansion plan for extracting up to 170,000 barrels of oil a day. Rubiales is one of the largest oil fields in the Republic of Colombia; it has strategic value for the country. It is located in Llanos Orientales-465 km from Bogotá-and is not connected to the Colombian power grid. Rubiales depends on a limited thermopower generation capacity to implement its development plans.
The thermal power project’s sponsor is Energy International Inc., a company that specializes in the power sector in Latin America and the Caribbean and has vast experience in similar projects. Energy International will supply power to and operate the plant. The plant will be located in the operations area and managed in line with the management information, reporting, waste management, and environmental, health, and safety plan monitoring system implemented by Meta Petroleum, the Rubiales oilfield operator. Meta Petroleum has implemented and is in the process of certifying a comprehensive environmental, social, health, and safety management system in line with ISO 9001; Meta Petroleum is in the process of implementing ISO 14001 and OHSAS 18001 standards.
With this operation, the IIC will be supporting the development of Colombia’s oil sector, which has a production deficit, by providing long-term financing. The IIC’s participation will also encourage private investment in the sector, greater local oil production, and compliance with certified environmental protection, social, health, and safety standards. The proposed transaction consists of a loan of up to US$5,000,000.
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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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