InterEnergy’s collaboration with Financial institution of America and the multilateral will scale renewable power and infrastructure options in Small Island Creating States within the Caribbean
SHARM EL-SHEIKH, Egypt, Nov. 7, 2022 /PRNewswire/ — InterEnergy Group, one of many largest clear power mission 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 power and clear transportation infrastructure tasks to attain its objective of 100% renewable power era by 2030.
Financial institution of America Chairman and CEO Brian Moynihan initially introduced the collaboration with InterEnergy at COP26 in Glasgow final yr 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 position as The Prince of Wales.
InterEnergy’s partnership with Financial institution of America will embody a primary of its variety, multi-asset, multi-jurisdictional warehouse financing facility which can assist the development and operation of eligible renewable power and clear transportation property situated within the Small Island Creating States (SIDS). Future phases will finance extra applied sciences together with battery storage, wind era, biomass and inexperienced hydrogen that may assist CEPM’s net-zero-by-2030 objective (‘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 lodge 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 power property and 120 MWh of storage capability. The inexperienced company mortgage structured and organized by BofA represents the primary part 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 movement of capital to scrub power and electrical mobility infrastructure tasks within the area.”
“Because the world transitions to fulfill the essential web zero carbon emissions objectives, it’s essential to make sure rising markets’ entry to world 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 affect that may outcome from collaborative, blended finance approaches, and we anticipate to duplicate 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 appearing as sole lead arranger and B lender, with the MDB appearing 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 power property. The transaction is anticipated to fund in December.
InterEnergy Group is among the largest diversified clear power corporations in Latin America and the Caribbean. The Group operates electrical energy era vegetation within the area, particularly within the Dominican Republic, Panama, Jamaica, Chile and Uruguay, with a complete put in, obtainable and creating capability of two.1GW. InterEnergy performs a major position 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 lodge capability within the nation. InterEnergy has additionally been main the transformation of Panama’s power sector with the Laudato Si’ Wind Farm, the most important 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 assets for the availability of 100% its power. Extra just lately InterEnergy began building of 670 MW pure fuel Gatún mission, which can add necessary base load capability to the Panamanian system.
CEPM is a vertically built-in non-public utility and a pacesetter within the manufacturing and distribution of electrical energy and communication companies within the jap a part of the Dominican Republic, together with the vacationer area of Punta Cana-Bávaro and Bayahíbe. With present obtainable put in capability of 315 MW, CEPM supplies power to 65% of the nationwide tourism sector (over 50,000 lodge rooms) and to greater than 50,000 residential and enterprise prospects.
Financial institution of America
Financial institution of America is among the world’s main monetary establishments, serving particular person customers, small and middle-market companies and huge firms with a full vary of banking, investing, asset administration and different monetary and threat administration services. The corporate supplies unmatched comfort in the USA, serving roughly 68 million shopper and small enterprise shoppers 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 courses, serving firms, governments, establishments and people all over the world. Financial institution of America affords industry-leading assist to roughly 3 million small enterprise households via a set of modern, easy-to-use on-line services. The corporate serves shoppers via operations throughout the USA, its territories and roughly 35 nations. Financial institution of America Company inventory (NYSE: BAC) is listed on the New York Inventory Change.
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 objective to attain net-zero greenhouse gas emissions in financing actions, operations and provide chain earlier than 2050. As a part of the company’s commitment to deploy $1.5 trillion in sustainable finance by 2030, approximately $250 billion of capital was mobilized and deployed aligned with the United Nations Sustainability Growth Targets in 2021.
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Financial institution of America
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SOURCE Financial institution of America Company