Quick Facts

Where the impacts of the investment may be experienced.
  • Chile
Location: Cajon del Maipo
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.
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • International Finance Corporation (IFC)
Status: Active
Bank Risk Rating: A
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: 2013-10-24
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: Alto Maipo SpA
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Hydropower
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 1,900.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IFC website
Updated in EWS: 2017-09-18
Disclosure Date: 2013-07-29
Alto Maipo

Project Description
IFC: PROJECT DESCRIPTION "The Project under consideration is the construction and operation of the 531 MW Alto Maipo hydropower plants, with a total estimated cost of approximately US$1.9 billion and an estimated output in excess of 2,100 GWh per year. The Project consists of two separate high-head, run-of-river hydropower facilities located about 50 km southeast of Santiago, the load center of Chile’s power grid. Construction of the Project will take place over an approximately five-year period and will require the excavation of about 67 km of tunnels; approximately 90% of total Project civil works are expected to be underground. The Project will have a relatively short 17 km transmission line of to connect it with existing electricity transmission infrastructure, and will not require the construction of dams or reservoirs, or the resettlement of population." IFC-IDENTIFIED APPLICABLE PERFORMANCE STANDARDS** "While all Performance Standards are applicable to this investment, IFC's environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards.PS 1 - Assessment and Management of Environmental and Social Risks and ImpactsPS 2 - Labor and working conditionsPS 3 - Resource Efficiency and Pollution PreventionPS 4 - Community Health, Safety and SecurityPS 5 - Land Acquisition and Involuntary ResettlementPS 6 - Biodiversity Conservation and Sustainable Management of Living Natural ResourcesIf IFC's investment proceeds, IFC will periodically review the the project's ongoing compliance with the Performance Standards **Information on IFC's Policy and Performance Standards on Environmental and Social Sustainability can be found at www.ifc.org/sustainability
Early Warning System Project Analysis
This high-risk project raises environmental and social concerns. Affected communities have brought complaints to both the IFC and IDB's complaint mechanisms and are calling for all international financiers to divest. For more information, see: CAO complaint: http://www.cao-ombudsman.org/cases/case_detail.aspx?id=1255 MICI complaint: http://www.iadb.org/en/mici/complaint-detail,19172.html?ID=MICI-BID-CH-2017-0115 CIEL analysis: http://www.ciel.org/project-update/alto-maipo-hydroelectric-project-threat-chiles-environment/
Investment Description
Co-financed by IDB, OPIC, KfW, DNB and four Chilean Banks.
Private Actors
Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/
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Bank Documents