Santa Priscila

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Industrial Pesquera Santa Priscila (the “Company” or “IPSP”) is an integrated hatcher, processor, and exporter of shrimp and tilapia located in Ecuador. Established in 1976, IPSP is currently Ecuador’s largest shrimp exporter. The Company owns four hatcheries, four packaging plants, and 59 aquaculture farms totaling 12,000 productive hectares (ha). The aquaculture farms and packaging plants are managed as independent divisions: Profremar for the aquaculture farms, and Santa Priscila and Tropack for the packaging plants. The packaging plants are certified to British Retail Consortium (BRC) Global Standard for Food Safety and are regularly audited against the Sedex Members Ethical Trade Audit (SMETA) standard. About 4,000 ha of aquaculture farms are certified to Best Aquaculture Practices (BAP) or Aquaculture Stewardship Council (ASC) standards. The aquaculture farms are organized under 11 clusters, each of them under the responsibility of a farm manager.  IFC’s proposed investment entails an up to US$45 million A Loan. IFC’s proceeds (the “Project”) will be used to finance the acquisition of the California farm cluster (LAT -2.63002, LONG -79.66730), which entails 1,234 hectares of shrimp farms in the area of Naranjal close to Guayaquil, and to upgrade its production capacity through their connection to the electrical grid. The Project will include the construction of about 400 km of 13.8 kV electricity distribution lines inside the farm (0.3 km per ha), and the acquisition of electric pumping, aeration and feeding systems, eliminating the need of diesel power generators. The Project will also include the construction of a 6 km medium voltage 69 kV sub-transmission line (TL), which design, siting, environmental licensing, and land acquisition is the responsibility of the National Electricity Corporation (CNEL). Profremar will build the TL and will transfer it to CNEL once completed. CNEL will own the TL and will be responsible for maintenance and operation. No expansion or new construction of aquaculture farms is envisioned as part of this investment.