Montreal, 7 November 2024 – Canada’s bilateral Development Finance Institution, FinDev Canada, IDB Invest, and Dutch Development Finance Institution, FMO announce a US$ 56.4 million loan to Energía Turística S.A. (Enertur), a subsidiary of InterEnergy Group in the Dominican Republic. This funding will support the development of a green-field solar photovoltaic power plant with an installed capacity of up to 78 megawatts (MW) of alternating current capacity along with a battery energy storage system (BESS) with a storage capacity of 30 megawatt-hours. The project, located in La Romana, Dominican Republic, will include infrastructure to support and expand the country's energy sector.
With this financing, the solar project will become the largest initiative to date under CEPM Zero, supplying clean energy directly to CEPM. Through CEPM Zero, InterEnergy Group is paving the way for the complete decarbonization of the company by 2030, with over 350 MW of solar projects and BEES being developed and constructed in the eastern region of the country this year and plans to add an additional 300 MW of wind generation by 2027.
The financing package consists of $56.4 million, with equal participation of $18.8 million each from IDB Invest, FMO and FinDev Canada. The project will diversify the Dominican Republic's energy matrix and strengthen the resilience of its electrical grid. By securing this financing, IDB Invest, FinDev Canada, FMO and Enertur are fostering the development of robust private sector initiatives and actively supporting the nation's energy transition. This project aligns with the country’s commitment to achieving a 27% reduction in greenhouse gas emissions by 2030. The introduction of a 30 MW battery energy storage system will ensure a reliable energy supply to the grid, significantly boosting clean energy generation by 19% in Punta Cana, the second-most popular tourist destination in Latin America.
“Supporting sustainable infrastructure and renewable energy is critical to our work. Alongside IDB Invest and FMO, we are pleased to invest in this innovative sustainable energy solution in the Dominican Republic, a country on the frontline of the climate crisis,” says Lori Kerr, Chief Executive Officer, FinDev Canada.
"This landmark project is a powerful step toward reshaping the Dominican Republic's energy landscape, while contributing to InterEnergy Group’s ambitious goal of achieving net-zero emissions by 2030. By integrating large-scale solar power with advanced battery storage, we are not only supporting the country’s environmental goals but also setting a foundation for sustainable economic growth. This initiative demonstrates a shared commitment to a cleaner, more resilient energy future for the Dominican Republic,” stated Rolando González Bunster, Chairman & CEO of InterEnergy Group and President of Enertur.
The project is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), Responsible Consumption and Production (SDG 12), Climate Action (SDG 13) and Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website idbinvest.org.
About InterEnergy Group
For more than 30 years, InterEnergy Group has provided energy to citizens and cities throughout the Caribbean and Latin America. This energy group has 2.4 GW of installed capacity providing reliable, cost-effective, and clean energy to the Dominican Republic, Panama, Jamaica, Chile and Uruguay. This group has also made significant investments in electric mobility and natural gas infrastructure, further consolidating its role in the economic and social development of countries, markets, and communities.
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and knowledge, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. FinDev Canada is a wholly owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada at www.findevcanada.ca.
About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 12.1 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit fmo.nl
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