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Bladex Acts as Joint Lead Arranger for AES Dominicana Renewable Energy US$368MN Term Loan, US$27MM Reserve L/C Facilities

November 27, 2023, 07:00 AM
Filed Under: Energy

Banco Latinoamericano de Comercio Exterior - Bladex, announced the successful closing of a US$368 million A/B Loan Facility, under IDB Invest´s A/B Loan Structure, and US$27 million associated Debt Service Reserve Letter of Credit Facility.

Bladex acted as Joint Lead Arranger and Bookrunner for the A/B Facility, co-leading the structuring and syndication together were IDB Invest, JP Morgan and Scotiabank . While the Debt Service Reserve Letters of Credit have been provided by Bladex, JP Morgan and Scotiabank proceeds from the A/B Facility have been used to refinance the existing debt associated with three operating renewable energy projects, and will also be used to fund construction of three additional photovoltaic facilities. Total capacity of the portfolio is expected to reach 390 MW by 2024.

The transaction marks the second Facility co-led by Bladex for AES' renewable energy operations in the Dominican Republic (and the third for AES), reinforcing Bladex's strong commitment to supporting AES group in the region.

The facility was fully underwritten by the Joint Lead Arrangers and Bookrunners. Following a successful syndication, the transaction was 2.2x oversubscribed with US$482.5 million commitments from 22 banks.  The syndicate group included Latin American regional banks, Caribbean banks, an impact investor and the Latin American branch of an Asian Bank, of which the majority are Bladex's partner relationships.

"Bladex is very pleased to support AES renewable energy´s endeavors in the Dominican Republic. This transaction underlines Bladex´s project finance execution capabilities, the strong relationship with a leading global power generation and distribution player and, overall, our appetite for infrastructure assets. The Facility adds to Bladex credentials of more than 70+ syndicated transactions arranged by Bladex in the Latin American Region" Ivan Nuñez, Head of Infrastructure and Project Finance of Bladex.

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, initiated operations in 1979 to promote foreign trade finance and economic integration in the region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations. Bladex is listed on the NYSE in the United States of America, since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

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