IDB Invest gathers USD-368m for AES Dominicana's renewables drive

IDB Invest, the private sector arm of the Inter-American Development Bank (IDB), has extended a loan package of around USD 368 million (EUR 338.7m) to power producer AES Dominicana Renewable Energy SA to enable it to build new renewable energy projects in the Dominican Republic and refinance the existing ones.

IDB Invest provided USD 37 million and mobilised USD 331 million from 21 financial institutions, serving as joint lead arranger and bookrunner alongside Banco Latinoamericano de Comercio Exterior SA, JP Morgan Chase Bank N.A. and Scotiabank.

The transaction is the largest financing for renewable energy projects for a Caribbean economy, IDB Invest said.

AES Dominicana, a unit of US energy group AES Corp (NYSE:AES), will use part of the proceeds to design, build and operate three new solar projects with a combined capacity of 240 MWac -- Mirasol, Peravia I and Peravia II. Additionally, the company will refinance the short-term debt of one wind and two solar farms totalling 150 MWac.

AES Dominicana Renewable Energy operates the Agua Clara wind farm and the Bayasol and Santanasol solar plants in the Dominican Republic.

(USD 1.0 = EUR 0.920)

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