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CIFI Asset Management, Ltd., the asset management division of Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), led the closing of the financing provided by the Free Closed-End Investment Fund for the Development of Dominican Infrastructure I, managed by Sociedad Administradora de Fondos de Inversión Universal, S.A. (AFI Universal).
Banco Múltiple BHD León, S.A. acted as lead bank and facility agent. The financing amounts to up to USD 144.7 million, structured through a USD-denominated facility of USD 90 million with a 10-year tenor and a local currency facility of up to DOP 3,373 million with a 17-year tenor, in favor of the Guzmancito Wind Farm, owned by Poseidón Energía Renovable, S.A.
The participating lenders included Banco Múltiple BHD León, S.A. with USD 42 million, Popular Bank Ltd. with USD 24 million, Banco de Reservas de la República Dominicana with USD 24 million, and the Free Closed-End Investment Fund for the Development of Dominican Infrastructure I with up to DOP 3,373 million.
The project is located in Puerto Plata, Dominican Republic, and was designed in two phases. The first phase, consisting of 16 wind turbines with an installed capacity of approximately 48 MW, entered commercial operation in May 2020 and generated a net output of 196.69 GWh that same year. The renewable energy generated by Phase 1 in 2020 avoided the release of 122,262.50 tonnes of CO₂ equivalent emissions and provided clean electricity to approximately 121,750 people in nearby communities. The second expansion phase will have an installed capacity of 39 MW and will consist of 13 wind turbines, with expected annual impacts similar to those described for Phase 1. Together, both phases will reach a total installed capacity of 87 MW, made up of 29 Vestas wind turbines of 3 MW each.
The project has been developed by Grupo Energético 23 (GE23), a joint venture formed by LAESA, Los Orígenes Power Plant, Poseidón Energía Renovable, and Mowry Inc., with projects including Pimentel 1, Pimentel 2, and Pimentel 3 in Castillo Pimentel, Duarte province; Los Orígenes Power Plant in San Pedro de Macorís; and Guzmancito Wind Farms 1 & 2 in Puerto Plata.
About CIFI Asset Management
CIFI Asset Management is an investment firm focused on debt financing for private middle-market infrastructure projects in Latin America and the Caribbean. CIFI AM is the asset management subsidiary of its parent company, Corporación Interamericana para el Financiamiento de Infraestructura, S.A., which has been providing project financing in the region since 2001. CIFI AM offers institutional investors diversified portfolio management services in infrastructure lending in high-growth regions while mitigating environmental, social, and governance (ESG) risks.
About CIFI
CIFI is the most experienced non-bank financial institution in infrastructure and energy financing in Latin America and the Caribbean. Founded in 2001, the company has analyzed more than 600 projects and participated in over 200 transactions valued at more than USD 1.7 billion. CIFI has become a leading player in the development of sustainable infrastructure projects and in the broader economic growth of the region.
About AFI Universal
AFI Universal is a subsidiary of Grupo Universal authorized to operate in the Dominican securities market under Resolution R-CNV-2014-06-AF dated April 4, 2014. Backed by more than 50 years of experience, AFI Universal offers enhanced investment solutions to both individuals and institutions. It focuses on managing client resources in a professional and diversified manner, allowing investors to concentrate on their priorities. By meeting its clients’ objectives, AFI Universal contributes to building a nation where savers become investors and promoters of economic and social development. Its product offering includes investment funds across various asset classes and economic sectors.
