IIC to Continue Supporting Energy Efficiency in Ecuador
Loan to Genser Power Inc., Sucursal Ecuador for US$2 million will prevent the emission of 24,164 tons of CO2 equivalent
Washington, D.C., February 11, 2015 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$2 million to Genser Power Inc., Sucursal Ecuador (“GP”) that will finance the acquisition and commissioning of four GE Jenbacher 320 motor generators with nominal capacity of 4.2 MW to provide power to Ecuadorian state oil company Petroamazonas Ecuador S.A. (PAM).
This will be the IIC’s second operation with GP. The first loan funded the purchase and installation of six GE Jenbacher motor generators with which GP provided power to PAM from May 2011 to May 2014, using flare well gas.
“With this operation, the IIC boosts the generation of clean energy in an oil field in Ecuador through harnessing flare well gas to generate power. The project will at the same time bring economic, energy, labor, and environmental benefits,” said Margarita García de Paredes, the IIC lead investment officer in charge of the operation.
GP 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 uses natural gas or treated flare well gas for generating electricity. GP is the Ecuadorian branch of the Group and supplies power to PAM. GP has obtained its ISO 9001:2008, ISO 14001:2004, and OHSAS 18001:2007 certifications for which it was provided with technical assistance by the IIC in 2011.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline their management processes and provide them with funding in the form of equity investments, loans, and guarantees, as well as technical assistance, advisory services, and innovative knowledge products. In 2013, the IIC approved 71 operations totaling $415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of $5.2 billion. An additional $3.0 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC’s activities, visit www.iic.org.
Contact: Margarita García de Paredes
Telephone: +1 (202) 623-3932 in Washington, D.C.