IIC supports energy efficiency in Ecuador
04/07/2011Loan will refinance the purchase of equipment for converting flare well gas into electrical power
Washington, D.C. - On April 7, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$2.5 million to Genser Power Inc., Sucursal Ecuador (Genser Power). The purpose of the project is for Genser Power to use flare well gas to supply Petroamazonas EP—a publicly-held Ecuadorian oil company—with electrical power, as part of their optimization of electrical generation (OGE) project.
The project will span over three years; six GE Jenbacher generators will operate at a nominal capacity of 1 MW each, using flare well gas that, until now, had been burned outdoors.
According to Aniceto Huertas, IIC Investment Officer in charge of the operation, "With this operation, the IIC is promoting the use of alternative energies to meet the growing demand for energy. The project will also bring economic, competitiveness, efficiency, and environmental benefits by reducing air pollutant emissions."
Pablo Tribin, President of Genser Power, stated: "This type of support from a multilateral institution enables companies such as Genser Power to tap oil industry resources that have been unused for a long time. We view this as an excellent opportunity to support the region’s development and sustainability by expanding our capacity and offering options that are more energy efficient."About Genser Power
Genser Power is exclusively engaged in developing distributed generation and energy saving projects in emerging markets. Its mission is to provide energy solutions for industrial development. The vast majority of its projects use natural gas or treated flare well gas for generating electrical power. For more information about Genser Power, visit www.genserpower.comAbout the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: Aniceto Huertas
Telephone: (202) 623-2036