IDB Invest, the private sector arm of the Inter-American Development Bank (IDB), has approved a loan package of approximately USD 368 million (EUR 338.7m) for AES Dominicana Renewable Energy SA, a power producer affiliated with US energy group AES Corp. The funding aims to support the development of new renewable energy ventures in the Dominican Republic and refinance existing projects.
IDB Invest, as the joint lead arranger and bookrunner, provided USD 37 million and mobilized an additional USD 331 million from 21 financial institutions, including Banco Latinoamericano de Comercio Exterior SA, JP Morgan Chase Bank N.A., and Scotiabank. This transaction represents the largest financing for renewable energy projects in the Caribbean, according to IDB Invest.
AES Dominicana Renewable Energy, a subsidiary of AES Corp, plans to utilize a portion of the funds to design, construct, and operate three new solar projects—Mirasol, Peravia I, and Peravia II—with a combined capacity of 240 MWac. Additionally, the company will use the financing to refinance the short-term debt of one wind farm and two solar facilities totaling 150 MWac.
Currently, AES Dominicana Renewable Energy operates the Agua Clara wind farm, along with the Bayasol and Santanasol solar plants in the Dominican Republic.
