The International Finance Corporation (IFC) has granted a sustainable loan worth US$160 million to Produbanco, one of the top banks in Ecuador. The loan is aimed at promoting the blue economy and providing access to funding for sustainable projects, small and medium-sized enterprises (SMEs), and those owned by women. The loan carries a senior component of US$130 million and a subordinated component of US$30 million, with US$10 million coming from Blue Orchard. The latter funding will contribute to strengthening the technical/Produbanco patrimony.
Produbanco will also receive support from IFC through a technical cooperation agreement focused on blue finance. This cooperation agreement aims to assist the bank in identifying blue financing opportunities and expanding its portfolio. IFC's advice will be given mainly in the aquaculture and water treatment sub-sectors.
IFC recently mobilized a parallel senior loan of US$50 million from the Japan International Cooperation Agency (JICA), bringing the total amount of financing to US$210 million. This loan reflects the commitment of both institutions to support sustainable projects and SMEs owned by women while promoting a sustainable blue economy in Ecuador.
Country updates
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February 03, 2023
Dominion wins 60 MW solar PV project in Ecuador
Ecuador has awarded Dominion a 60 MW solar photovoltaic (PV) project. This is one of the projects granted by the government at the highest auction price of US$66.98/MWh. Dominion presently supervises...
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February 01, 2023
50 MW wind project in Loja nears completion
Elecaustro SA has installed the final of 14 turbine rotors at its 50 MW Minas de Huascachaca wind project, bringing the asset's completion rate to 98%. Currently, 11 wind turbines are being tested and...
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January 17, 2023
Ecuador allocates 345.3 MW of solar capacity in renewables auction
The Ministry of Energy and Mines (MEM) of Ecuador, in its 500 MW renewable energy auction launched in December 2021, has allotted 345.3 MW of solar capacity. At the end of the procurement process, on...
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December 01, 2022
Financing secured for 500 kV Transmission project between Ecuador & Peru
The Inter-American Development Bank (IDB) has approved a US$125 million loan for a 500 kV power line that will help Ecuador and Peru connect their electrical grids.
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September 20, 2022
Polaris closes acquisition of majority stake in 6 MW hydro project in San Jose de Minas
Polaris Renewable Energy Inc. has completed the acquisition of 83.16% of the issued and outstanding shares of an operational 6 MW hydro power project along the Cubi River in San Jose de Minas, Ecuador...
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