Photo credit: Enertur

 

• This is one of the largest solar projects with battery energy storage in the region.
   
• The investment helps reduce greenhouse gas emissions and expand renewable energy in the country. 

IDB Invest provided a loan package of approximately $56.4 million to Energía Turística S.A. (Enertur), a subsidiary of InterEnergy Group in the Dominican Republic. The funding will support the development of a green-field solar photovoltaic power plant with an installed capacity of up to 78 megawatts (MW) of alternating current capacity, along with a battery energy storage system (BESS) with a storage capacity of 30 megawatt-hours. Located in La Romana, the project will include infrastructure to support and expand the country's energy landscape.

With this financing, the solar project will become the largest initiative to date under CEPM Zero, part of InterEnergy’s energy transition plan, and will supply clean energy directly to its subsidiary CEPM in the eastern region of the country. InterEnergy Group is paving the way for the complete decarbonization of the company by 2030, with over 350 MW of solar projects and the development of a BESS this year, and an additional 300 MW of wind generation by 2027. 

The financing package consists of $56.4 million, with equal participation of $18.8 million each from IDB Invest, Dutch Development Finance Institution (FMO), and Canada’s bilateral Development Finance Institution, FinDev Canada. The project will help diversify the country’s energy matrix and strengthen the resilience of its electrical grid.

This project aligns with Dominican Republic’s commitment to achieving a 27% reduction in greenhouse gas emissions by 2030. The introduction of a 30 MW battery energy storage system will ensure a reliable energy supply to the grid, significantly boosting clean energy generation by 19% in Punta Cana, the second-most popular tourist destination in Latin America.

“This collaboration can drive the transition to renewable energy sources, aligning with global efforts to addressing climate change,” said James P. Scriven, CEO at IDB Invest. “By partnering with Enertur, along with FinDev Canada and FMO, we are making significant strides in reducing carbon emissions. This project not only underscores the Dominican Republic’s commitment to a sustainable future but also reflects a shared vision of environmental stewardship.” 

"This landmark project is a powerful step toward reshaping the Dominican Republic's energy landscape, while contributing to InterEnergy Group’s ambitious goal of achieving net-zero emissions by 2030. By integrating large-scale solar power with advanced battery storage, we are not only supporting the country’s environmental goals but also setting a foundation for sustainable economic growth. This initiative demonstrates a shared commitment to a cleaner, more resilient energy future for the Dominican Republic,” stated Rolando González Bunster, Chairman & CEO of InterEnergy Group and President of Enertur. 

Additionally, as part of its commitment to gender, diversity and inclusion, IDB Invest is working with Enertur to increase women’s participation in the workforce, especially in technical and safety roles. This includes providing capacity-building materials and sessions to promote diversity and inclusion at the corporate level. 

IDB Invest is also enhancing women's participation in project maintenance through targeted training and educational opportunities from the Instituto Nacional de Formación Técnico Profesional in the Dominican Republic. These efforts will empower women, create a more inclusive workplace, and drive innovation in the industry. 

Through this project, IDB Invest, FinDev Canada, FMO and Enertur are fostering the development of robust private sector initiatives and actively supporting the nation's energy transition.

The project is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Industry, Innovation, and Infrastructure (SDG 9), Responsible Consumption and Production (SDG 12), Climate Action (SDG 13) and Partnerships for the Goals (SDG 17).

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website idbinvest.org.

About InterEnergy Group 

For more than 30 years, InterEnergy Group has provided energy to citizens and cities throughout the Caribbean and Latin America. This energy group has 2.4 GW of installed capacity providing reliable, cost-effective, and clean energy to the Dominican Republic, Panama, Jamaica, Chile and Uruguay. This group has also made significant investments in electric mobility and natural gas infrastructure, further consolidating its role in the economic and social development of countries, markets, and communities.

About FinDev Canada       

FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and knowledge, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. FinDev Canada is a wholly owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada at findevcanada.ca.    

About FMO

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 12.1 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information, please visit fmo.nl.