The company AES Dominicana Renewable Energy S.A. (ADRE), a subsidiary of “The AES Corporation” in the Dominican Republic, will receive a 368 million dollars loan package with the objective of i) financing the design, construction, and operation of three new non-conventional renewable energy (NCRE) projects totalizing 240 MW of installed capacity, and ii) refinancing the short-term debt of three additional renewable energy projects totalizing 150 MW of installed capacity. This is the largest financing transaction for renewable energy projects in a Caribbean economy.

The financing package consists of 37 million dollars from IDB Invest and 331 million dollars mobilized by 21 financial institutions. The operation was oversubscribed by 2.0x the amount issued.

The new renewable energy projects are estimated to generate 824 GWh annually, contributing to the reduction of the country’s carbon footprint by displacing GHG emissions of 441 thousand tons of CO2 equivalent per year.