InterEnergy’s collaboration with Financial institution of America and the multilateral will scale renewable vitality and infrastructure options in Small Island Growing States within the Caribbean
SHARM EL-SHEIKH, Egypt, Nov. 7, 2022 /PRNewswire/ — InterEnergy Group, one of many largest clear vitality venture builders, operators and homeowners within the Caribbean, Central and South America, and Financial institution of America, one of many world’s main monetary establishments, introduced at the moment in Sharm el-Sheikh, Egypt on the COP27 United Nations Local weather Change Convention, that InterEnergy’s Dominican Republic-based utility, Consorcio Energetico Punta Cana Macao (CEPM) will safe a inexperienced mortgage from Financial institution of America and a multilateral improvement financial institution (MDB) to assist its investments in renewable vitality and clear transportation infrastructure tasks to realize its aim of 100% renewable vitality technology by 2030.
Financial institution of America Chairman and CEO Brian Moynihan initially introduced the collaboration with InterEnergy at COP26 in Glasgow final 12 months on the World Chief’s Summit as a part of the Sustainable Markets Initiative, which was based by His Majesty King Charles III in his former function as The Prince of Wales.
InterEnergy’s partnership with Financial institution of America will embrace a primary of its sort, multi-asset, multi-jurisdictional warehouse financing facility which can assist the development and operation of eligible renewable vitality and clear transportation belongings situated within the Small Island Growing States (SIDS). Future phases will finance extra applied sciences together with battery storage, wind technology, biomass and inexperienced hydrogen that may assist CEPM’s net-zero-by-2030 aim (‘CEPM Zero’).
CEPM is a number one electrical energy supplier within the Dominican Republic, powering roughly 65 % of the nationwide tourism sector representing over 50,000 resort rooms and greater than 50,000 residential and enterprise prospects. Reaching net-zero emissions throughout the utility’s portfolio would require an estimated 501 MW of renewable vitality belongings and 120 MWh of storage capability. The inexperienced company mortgage structured and organized by BofA represents the primary section of Financial institution of America’s partnership with InterEnergy to assist its build-out of photo voltaic and electrical car charging infrastructure.
“The transaction will assist advance a extra sustainable future for the Dominican Republic and function proof of idea for comparable efforts within the SIDS,” mentioned Rolando González Bunster, Chairman and CEO of InterEnergy Group. “Our hope is that CEPM’s net-zero transition and blended financing construction will catalyze a move of capital to wash vitality and electrical mobility infrastructure tasks within the area.”
“Because the world transitions to satisfy the crucial internet zero carbon emissions objectives, it’s essential to make sure rising markets’ entry to international banking and capital markets for the financing they should obtain their targets,” mentioned Karen Fang, International Head of Sustainable Finance at Financial institution of America. “This transaction is a vital instance of the impression that may consequence from collaborative, blended finance approaches, and we count on to copy this in different SIDS and the Commonwealth nations which might be susceptible to local weather change and traditionally lacked entry to scalable transition financing capital.”
Financial institution of America is the only structuring agent for the inexperienced A/B mortgage and performing as sole lead arranger and B lender, with the MDB performing because the lender of report. The mortgage is anticipated to have a three-year maturity and proceeds dedicated solely to the development and operation of renewable vitality belongings. The transaction is anticipated to fund in December.
InterEnergy Group is likely one of the largest diversified clear vitality corporations in Latin America and the Caribbean. The Group operates electrical energy technology vegetation within the area, particularly within the Dominican Republic, Panama, Jamaica, Chile and Uruguay, with a complete put in, out there and growing capability of two.1GW. InterEnergy performs a big function within the tourism sector of the Dominican Republic the place it owns and operates CEPM, the built-in utility that serves the fast-growing resort areas of Punta Cana, Bávaro, Macao, Uvero Alto, Miches, Bayahíbe and La Romana, protecting over 70% of all resort capability within the nation. InterEnergy has additionally been main the transformation of Panama’s vitality sector with the Laudato Si’ Wind Farm, the biggest in Central America and the Caribbean, with a capability of 215 MW and the Ikakos photo voltaic farm with a nominal capability of 40 MW, utilizing renewable sources for the provision of 100% its vitality. Extra not too long ago InterEnergy began building of 670 MW pure fuel Gatún venture, which can add essential base load capability to the Panamanian system.
CEPM is a vertically built-in personal utility and a pacesetter within the manufacturing and distribution of electrical energy and communication providers within the jap a part of the Dominican Republic, together with the vacationer area of Punta Cana-Bávaro and Bayahíbe. With present out there put in capability of 315 MW, CEPM gives vitality to 65% of the nationwide tourism sector (over 50,000 resort rooms) and to greater than 50,000 residential and enterprise prospects.
Financial institution of America
Financial institution of America is likely one of the world’s main monetary establishments, serving particular person shoppers, small and middle-market companies and enormous firms with a full vary of banking, investing, asset administration and different monetary and danger administration services and products. The corporate gives unmatched comfort in the US, serving roughly 68 million client and small enterprise purchasers with roughly 3,900 retail monetary facilities, roughly 16,000 ATMs and award-winning digital banking with roughly 56 million verified digital customers. Financial institution of America is a world chief in wealth administration, company and funding banking and buying and selling throughout a broad vary of asset lessons, serving firms, governments, establishments and people around the globe. Financial institution of America affords industry-leading assist to roughly 3 million small enterprise households by means of a set of revolutionary, easy-to-use on-line services and products. The corporate serves purchasers by means of operations throughout the US, its territories and roughly 35 nations. Financial institution of America Company inventory (NYSE: BAC) is listed on the New York Inventory Trade.
Financial institution of America has set tangible sustainable finance objectives and made measurable progress in mobilizing and scaling capital deployment to assist drive social and environmental change. In 2021, Financial institution of America set a aim to realize net-zero greenhouse fuel emissions in financing actions, operations and provide chain earlier than 2050. As a part of the corporate’s dedication to deploy $1.5 trillion in sustainable finance by 2030, roughly $250 billion of capital was mobilized and deployed aligned with the United Nations Sustainability Improvement Targets in 2021.
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SOURCE Financial institution of America Company