FinDev Canada to support lending for 270 MW of renewables in LatAm, Caribbean

Development Finance Institute Canada (DFIC) Inc, operating under the brand FinDev Canada, said it will provide a loan to support financing of 270 MW of renewable energy projects in Latin America and the Caribbean.

FinDev, a wholly-owned subsidiary of Canada’s export credit agency, will provide a USD 15 million (EUR 13.3m) to Panama-based non-bank financial institution Corporacion Interamericana para el Financiamiento de Infraestructura SA (CIFI).

CIFI offers loans to small and medium-sized enterprises (SMEs) for infrastructure projects in Latin America and the Caribbean, as well as advisory services to an array of institutions. The funds from FinDev will help facilitate green lending and contribute to investment in new wind, solar and biomass-fired capacity across the two regions.

The new plants will generate some 828,000 MWh of renewable power per year and prevent the emission of around 644,000 tonnes of CO2 into the atmosphere, while supplying electricity to an estimated 328,000 people, FinDev said.

(USD 1.0 = EUR 0.885)

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