InterEnergy Group and Bank of America join forces to scale clean energy and infrastructure solutions in the Caribbean and Latin America
- Bank of America will partner with InterEnergy Group (“InterEnergy”) on a multi-asset, multi-jurisdictional warehouse financing facility to support InterEnergy’s extensive development pipeline in the Caribbean, Central America and South America, with special focus on SIDS (Small Island Developing States) in the Caribbean.
- Both parties are focused on the Caribbean SIDS initially, where approximately 800 megawatts of development capacity has been identified, in their shared effort to help transition these countries to a more sustainable future. These countries tend to have extreme climate vulnerability, undiversified revenue streams and smaller scale of infrastructure projects, which have historically resulted in challenges in accessing global capital markets.
- The prospective facility and collaboration was shared last week in Glasgow at the COP26 United Nations Climate Change Conference. It was highlighted by Brian Moynihan, CEO of Bank of America at the World Leaders Summit as part of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative, co-chaired by Brian Moynihan. [Read the Race to Zero and Climate Champions Nov 2, 2021 mention (link)].
Glasgow. InterEnergy Group, one of the largest clean energy developers in the Caribbean, Central America, and Latin America, and Bank of America, one of the world’s leading financial institutions, announced their intention to work together on the financing of InterEnergy’s pipeline to scale wind and solar energy installation and electric vehicle charging infrastructure in the Caribbean and Latin America. The announcement was made in Glasgow at the COP26 United Nations (UN) Climate Change Conference.
Rolando González Bunster, Chairman and CEO of InterEnergy Group, said: “We are honored to work with Bank of America in the shared mission of building a better future in the region, including the generation of clean energy, and leading the imminent transition to electric mobility.
We look forward to adding innovative technology in the mix including green hydrogen to help expedite decarbonization pathways. Along with these efforts, we reaffirm our commitment to contribute to the United Nations 2030 Agenda for Sustainable Development”.
Bank of America will partner with InterEnergy on a multi-asset and multi-jurisdictional warehouse credit facility to help finance InterEnergy’s development pipeline in the upcoming years, including a portion allocated to the Caribbean Small Island Developing States (SIDS), where approximately 800 megawatt of development capacity has been identified.
The innovative warehouse financing structure that is contemplated will be diversified across multiple clean technologies and countries, and with potential blended finance partners, delivering much needed scale, flexibility, and cost efficiency as a result. This type of collaboration should help transition these countries to a more sustainable future and support their shared commitment to achieve net zero greenhouse gas emissions.
Karen Fang, Managing Director, Global Head of Sustainable Finance for Bank of America, said: “As a part of our commitment to achieve net zero before 2050 and our $1.5 trillion sustainable finance commitment by 2030, we are focused on accelerating the clean energy and infrastructure transition globally, with particular attention on developing markets, especially SIDS, which have experienced more challenges accessing climate finance capital. We look forward to working with InterEnergy, which has the track record and leadership in developing renewable energy and clean infrastructure solutions in the Caribbean and Latin America. We will bring other public and private sector partners into this important endeavor in order to further scale this important initiative”.
About InterEnergy Group: InterEnergy Group is one of the largest diversified clean energy companies in Latin America and the Caribbean. The Group operates electric power generation plants in Latin America and the Caribbean, specifically in the Dominican Republic, Panama, Jamaica, Chile and Uruguay. InterEnergy leads the transformation of Panama’s energy sector with the Laudato Si-‘Wind Farm, the largest in Central America and the Caribbean, with a capacity of 215 MW and the Ikakos solar farm with a nominal capacity of 40 MW, using natural resources as a source for the supply of 100% renewable energy.
About Bank of America: Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.