Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Chile
Location: Antofagasta Region
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: B
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: Enel Green Power Chile Ltda.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 30.00 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): $ 320.00 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 @ IIC website
Updated in EWS: 2017-08-16
Disclosure Date: 2016-06-03
Cerro Pabellon
IIC-CH-L1102

Project Description
The Cerro Pabellón geothermal power project is being developed at the Apacheta geothermal concession, 1,300 km north of Santiago, at an altitude of 4,500 masl. Enel Green Power Chile Ltda and its parent company Enel S.p.A. are seeking financing to invest in the building of an up to 48 MW power plant and 80 kilometer (km) transmission line to interconnect to Chile’s Sistema Interconectado del Norte Grande (SING) at a total cost of US$320 million. Commercial operation of the power plant is expected to occur in the first half of 2017. Cerro Pabellón is the most advanced geothermal project in Chile, with four deep exploratory wells already drilled between 2009 and 2010. The next stage of development involves work-overs of two existing wells as well as the drilling of five additional production wells and two reinjection wells (the “Drilling Program”). The Sponsors have requested financing from the Inter-American Investment Corporation (the “IIC”) in its capacity as administrator of the Clean Technology Fund (the “CTF”) in the form of a short-to-medium term loan during the Drilling Program (the “CTF Loan”). If the Drilling Program is not successful, the CTF Loan would be converted partially or fully to a grant. If the Drilling Program is successful, the CTF Loan must be replaced by long-term debt or repaid by the Sponsors.
Investment Description
Enel Green Power Chile Ltda and its parent company Enel S.p.A. have requested financing from the Inter-American Investment Corporation (the “IIC”) in its capacity as administrator of the Clean Technology Fund (the “CTF”) in the form of a short-to-medium term loan during the Drilling Program (the “CTF Loan”). If the Drilling Program is not successful, the CTF Loan would be converted partially or fully to a grant. If the Drilling Program is successful, the CTF Loan must be replaced by long-term debt or repaid by Enel Green Power Chile Ltda and its parent company Enel S.p.A.
Contact Information
For inquiries about this project, contact divulgacionpublica@iadb.org. 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).
Bank Documents