Bladex and Scotiabank Secure $100 Million for Renewable Energy in the Dominican Republic

Bladex and Scotiabank Join Forces for Renewable Energy Financing

In a significant financial move, Banco Latinoamericano de Comercio Exterior, S.A. (commonly known as Bladex) along with The Bank of Nova Scotia, successfully closed a revolutionary loan amounting to $100 million for Empresa Generadora de Electricidad Haina (EGE Haina). This partnership not only reinforces their commitment to sustainable development but also marks a substantial step towards enhancing renewable energy resources in the Dominican Republic.

A Shared Vision for Sustainable Energy

Both financial institutions have adhered to the strict guidelines set forth by the Green Loan Principles (GLP) established by the Loan Market Association (LMA) and the Loan Syndications and Trading Association (LSTA). This loan is part of a broader commitment aimed at facilitating projects that support the global energy transition, combat climate change, and strengthen the energy infrastructure necessary for the country's economic growth.

Jorge Salas, the CEO of Bladex, emphasized the importance of this financing by stating, “We are proud to partner with Scotiabank and support EGE Haina in its commitment to energy transition. This financing reaffirms our mission to be a key strategic partner in the development of sustainable infrastructure in the region.”

Gonzalo Gil, CEO of Scotiabank Dominican Republic, echoed this sentiment, stressing their unwavering commitment to assisting clients in growing with a sustainable approach.

Empowering EGE Haina’s Growth Strategy

The primary purpose of this syndicated loan is to bolster EGE Haina’s efforts in developing its renewable energy assets platform. This inception aligns with the national ambition to expand the share of renewable energy within the Dominican Republic's energy landscape, crucial for securing energy supply and mitigating environmental impact.

Rodrigo Varillas, the Senior Finance Director of EGE Haina, remarked that implementing new renewable energy generation methods is vital for the company's growth trajectory. He provided gratitude towards the financial institutions by acknowledging how their partnership contributes to EGE Haina's vision of a sustainable energy future.

Leading the Charge in Renewable Energy

EGE Haina is already recognized as a front-runner in renewable energy generation within the Dominican Republic. The company boasts a diverse portfolio that includes wind assets, solar farms, and efficient thermal generation, collectively contributing more than 1,200 MW of installed capacity. The recent financing under GLP guidelines will facilitate EGE Haina's objectives of further decarbonizing the electricity sector while ensuring energy security for the nation.

In a broader context, this collaboration between Bladex, Scotiabank, and EGE Haina exemplifies the vital role of financial institutions in supporting sustainable projects across the region. As economic pressures and climate change challenges mount, the significance of such initiatives cannot be overstated.

About the Institutions

Bladex is a multinational bank established by central banks across Latin America and the Caribbean, aimed at promoting trade finance and economic integration since 1979. The bank operates from Panama and has a strong presence in various Latin American countries.

Scotiabank, one of North America’s largest banks, continues to champion a future where every community values sustainable development. With a comprehensive suite of banking services, Scotiabank aims to drive social and economic growth.

Together, these institutions highlight how financial backing can lead to significant advancements in renewable energy and sustainable practices, paving the way for a greener future in the Dominican Republic and beyond. This $100 million loan is not merely a financial transaction; it represents a joint commitment to fostering an environmentally sustainable landscape.