InterEnergy secures USD-1bn investment from Brookfield Renewable, Stonepeak

Latin America-focused power provider InterEnergy Group Ltd has secured a major commitment from new investors that will enable it to execute a 1,000-MW-plus renewables pipeline and expand services in its markets.

The company said that it has teamed up with Brookfield Renewable Partners LP (NYSE:BEP) and its institutional partners, and alternative investor Stonepeak, which will invest up to USD 1 billion (EUR 1.03bn) in the aggregate in InterEnergy over the next four years.

InterEnergy, which operates in the Dominican Republic, Panama, Jamaica, Chile and Uruguay, would use the investment to realise renewable energy projects in the pipeline and facilitate its energy transition, it said. The company provides power from wind, solar and natural gas plants in the region.

“InterEnergy has long been a safe and reliable provider of energy and utility services to communities throughout the Caribbean and Central America. Alongside our partners at Brookfield Renewable, we are thrilled to support the Company as it invests in sustainable solutions and executes on its stated decarbonization goals,” Nick Hertlein, Principal at Stonepeak, was quoted as saying in InterEnergy’s press release.

InterEnergy has several plans for the region in the near and medium term. One of them will see the company invest in several new solar and wind power projects in the Dominican Republic, Panama, Puerto Rico, Uruguay and other countries over the next 12 months.

In the Dominican Republic, where it operates an integrated utility serving tourist and resort areas, InterEnergy plans to transform the business into a 100% renewables-based power provider. This plan includes the installation of 700 MW of wind, solar, pumped hydro and green hydrogen production during this decade, InterEnergy said.

The company will also make investments to take its electric mobility charging business Evergo to new markets in Latin America and the Caribbean, having already established operations in Dominican Republic, Panama, Jamaica and Mexico.

(USD 1.0 = EUR 1.028)

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