Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Bahamas
Location: Nassau
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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: C
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: 2017-05-24
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: APD Limited
The holder of the loan, grant, or other investment.
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2017-10-27
Disclosure Date: 2017-04-17
Arawak Port Expansion and Energy Efficiency Program
IIC-12081-01

Project Description
Project financing consists of a US$3,000,000 senior unsecured loan to APD Limited. The use of proceeds will be to finance the installation of a rooftop solar PV system on APD's main building at the port, as well as financing other small energy efficiency activities. The Project will reduce the carbon footprint of APD by decreasing consumption of electricity from the grid through an investment that generates zero-emission electricity. As a result, the Project will improve the Company's financial strength and competitiveness by reducing long-term operational costs through lower electricity costs. Environmental and Social Context This project consists of a US$3 million senior unsecured loan to Arawak Port Development Limited ("APD") to finance the installation of a rooftop solar photovoltaic (PV) system on APD's main building at the port in Nassau, as well as financing other small energy efficiency activities. Through the project, APD installs a 36kW alternating-current (AC) solar system on its administration building. The system will provide approximately 80,000kWh over the course of its first year and thus reduce the company's carbon footprint by decreasing consumption of electricity from the grid through an investment that generates zero-emission electricity. As a result, the Project will improve the Company's financial strength and competitiveness by reducing long-term operational costs through lower electricity costs. The project will have an outsized demonstration effect for other firms to invest in solar PV to reduce emissions in the country, reduce costs, and improve competitiveness.
Investment Description
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).