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| Optima Energia |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 28383 |
| Company name | Celsol SA de CV |
| Country | Mexico |
| Sector | Professional, Scientific and Technical Services |
| Environmental category | B |
| Department | Global Manufacturing & Services |
| Status | Pending Disbursement |
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| Date SPI disclosed | August 12, 2009 |
| Projected board date | September 14, 2009 |
| Previous Events | Signed: September 30, 2009
Approved: September 28, 2009 |
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| View Environmental & Social Review Summary (ESRS), click here |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
Celsol S.A. de C.V. (“Optima Energía” or the “Company”) is a Mexican energy service company that provides energy services including an in-depth analysis of the property, designing an energy efficient solution, installing the required equipment and maintaining the system during a contract period of typically 10 years while at the same time financing the investments. Optima Energía enters into performance based contracts where the savings in energy costs generated by the project during the contract period are used to pay back the capital investments.
The project consists on carrying out up to 6 energy saving subprojects in the hotel sector. |
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| Project sponsor and major shareholders of project company |
Optima Energía is a privately held Mexican company founded in 1988 as Celsol, S.A. de C.V., 49.7% owned by the Gomez Junco family, with Mr. Enrique Gomez Junco Blancq-Cazaux, the founder and CEO owning 20.68% of the shares. Additionally, a group of private investors owns 11.4% of the Company. Grupo Financiero Inbursa, indirectly owns 38.9% of Optima Energía’s shares through its subsidiary Sinca Inbursa. |
| Total project cost and amount and nature of IFC's investment |
The total project cost is estimated at approx. $11 million.
IFC’s proposed IFC investment includes (a) an A loan of up to $10 million for IFC’s own account; and (b) a quasi-equity instrument of approx. $1 million. |
| Location of project and description of site |
The location of each of the 6 subprojects is still undefined but will most likely be in beach resorts in Mexico. |
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| Anticipated development impact of the project |
The Project is expected to have a significant and positive impact on developing the energy saving market in Mexico by increasing the access to finance of commercial companies for cost saving investments in energy efficiency that improve their competitiveness.
Through the implementation of energy efficiency systems, the Project will have strong impact in lowering Greenhouse Gas (GHG) emissions and energy consumption by these companies.
The Project will improve the competitiveness of these hotel companies through better management of scarce resources as such investments will result in significant energy cost savings.
The Project will enhance transfer of know-how and technology to Optima Energía’s hotel sector clients, who ultimately will own the energy saving equipment installed. It will also facilitate access to best practice energy management systems and implementation of innovative processes and products related to energy efficiency technologies.
The Project will have a strong demonstration effect, both for a model with potential for replication and scale-up and through subproject outcomes (energy savings realized and paybacks). |
| IFC's expected development contribution |
IFC will play a counter-cycle role by providing necessary long-term financing to optima which is not readily available due to liquidity constraints related to the current crisis. IFC will also share its global knowledge and experience in energy efficiency with specific relevance in this case to the hotel sector. Additionally, IFC will play a catalytic role in further developing the Mexican energy efficiency financing market and the ESCO performance based contracting business model. IFC’s involvement is expected to encourage other investors and local banks in financing similar projects in the near future. |
| Environmental and social issues - Category B |
The proposed project is a category B project according to IFC’s environmental and social review procedure. A summary of IFC’s environmental and social review findings for the project, including the rationale for the B categorization, is available in the environmental and Social Review Summary (ESRS). |
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| For inquiries about the project, contact: |
Enrique Gómez Junco Blancq-Cazaux, Chief Executive Officer
Optima Energía
Hidalgo 916-B Col. la fama
Santa Catarina, Nuevo León, México
Telephone +52 (81) 8336 2233
Fax Number +52 (81) 8336 1205
Website: www.optimaenergia.com |
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| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
| Local access of project documentation |
| Enrique Gómez Junco, Chief Executive Officer Optima Energía Hidalgo 916-B Col. la fama Santa Catarina, Nuevo León, México Telephone +52 (81) 8336 2233 Fax Number +52 (81) 8336 1205 Website: www.optimaenergia.com |
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