Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Mexico
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Inter-American Investment Corporation (IIC)
Bank Risk Rating: FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-12-13
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: A special purpose vehicle to be incorporated under Mexican law ("Warehousing Trust")
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2017-06-22
Disclosure Date: 2016-11-10
SolarCity Mexico Green Securitization
IIC-11946-04

Project Description
The objective of the proposed transaction is to raise financing from the capital markets for the purchase of photovoltaic systems in Mexico, including small-scale residential, commercial and industrial solar rooftop facilities. The average solar installation size is estimated to be 310kW. IIC's ENVIRONMENTAL REVIEW Based upon the nature of this transaction, there are likely to be minimal to moderate indirect environmental, social or health and safety (ESHS) and labor impacts and risks.
Investment Description
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 will originate, sell, operate, maintain and service the photovoltaic systems on residential, industrial and commercial properties in Mexico. 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.
Contact Information
ACCOUNTABILITY MECHANISM OF IIC The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).