Enel Col UCL

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 Enel S.p.A. (“Enel Holding” or “the Group” www.enel.com) is the world's largest vertically integrated utility company (generation, trading, distribution, market). The company operates across 47 countries in five continents through 1,000 subsidiaries and employs a total of 65,124  workers globally. Enel Holding is publicly listed on the Italian stock exchange, with a market capitalization of about € 61.7. Enel Colombia S.A. E.S.P. (the Borrower) is a regional regulated and integrated public services company operating in Colombia and Central America’s power generation and distribution segments. Enel Colombia is owned by: i) Enel Americas – a subsidiary from Enel Spa, (ii) Grupo Energia de Bogota, and (iii) other minority shareholders. Enel Colombia accounts for a consolidated power generation capacity of approximately 4.2 GW (90.4% renewable sources)and approximately 3.83 mn distribution clients in Colombia. Enel Colombia operate 5 business lines: (i) Enel Power Generation, (ii) Enel Grids, focused on energy supply and distribution, (iii) Energy and commodity management “trading”, (iv) Retail, focused on commercialization, and (v) Enel X, focused on business-to-business innovative solutions in street lighting  and transportation, among others. Enel Grids Colombia assets include: 1,348 Km of high tension (HT) lines, 30,687 Km of medium tension (MT) lines, 43,570 Km of low tension (LT) and 187 substations. The proposed investment entails an up to 8-year IFC senior loan for up to US$300 million equivalent in COP to Enel Colombia’s Enel Grids  business line. The proceeds of the facility will be used to finance part of the Borrower’s 2023-2025 energy distribution projects and maintenance CAPEX in Colombia including: (i) maintenance plan of existing networks; (ii) climate resilience investments; (iii) network expansion to new clients; (iv) digitalization and smart-meters; and (v) required investments for sustainable transport in Bogotá (metro, regional train and e-buses). The project does not include financing for power generation or distribution which would represent high E&S risk. IFC has supported Enel Holding in several project in Africa, India, and LAC (Wind Brazil #33579; EGP India #44816; E-buses Chile #44610; SS Zambia #37811) which have a satisfactory E&S performance.