InterEnergy secures $1bn renewable energy investment
The company’s partnership with Brookfield Renewable and Stonepeak will expand clean energy resources across Central America.
Latin America-based InterEnergy Group has secured a $1bn investment that will enable it to provide renewable energy resources to one of the regions of the world most vulnerable to climate change.
Asset managers Brookfield Renewable and Stonepeak have agreed to invest in InterEnergy over the next four years to help the company become a leader in clean energy in Latin America and the Caribbean.
Rolando González-Bunster, chairman and chief executive officer at InterEnergy Group, said: “We believe that, together, hand-in-hand with Brookfield and Stonepeak, we can make a significant contribution to the region’s decarbonisation effort, through energy transition.”
“This is the commitment and obligation we have in all the markets where we operate, leading pioneer projects that have opened the path towards a brighter and cleaner future.”
Central America is one of the world’s most vulnerable regions to climate change. Since 1950, the average temperature in Central America has increased by 0.5C, according to The YEARS Project.
InterEnergy intends to use the proceeds of the investment to develop a 1,000 MW project pipeline, expand the firm’s clean energy resources across Central America, and accelerate the transition to a net-zero economy.
The new partnership will also help facilitate InterEnergy’s “CEPM Zero” initiative. Currently, InterEnergy uses a 300 MW integrated utility to serve the Dominican Republic’s fast-growing tourism sector. By using the $1bn investment, InterEnergy plans to transform the utility into a 100% renewable energy electricity company with zero emissions.
We believe that hand-in-hand with Brookfield and Stonepeak, we can make a significant contribution to the region’s decarbonisation effort, through energy transition.
Facilitating future goals
For the past 30 years, InterEnergy has provided solar, wind and natural gas assets to Latin America and the Caribbean.
Nick Hertlein, principal at Stonepeak, said: “InterEnergy has long been a safe and reliable provider of energy and utility services to communities throughout the Caribbean and Central America.”
Over the next 12 months, the firm plans to invest in several new assets in solar and wind power generation in the Dominican Republic, Panama, Puerto Rico, Uruguay and other countries in the region.
InterEnergy also intends to expand Evergo, its electricity mobility charging business that already operates in the Dominican Republic, Panama, Jamaica and Mexico, into other Latin American and Caribbean countries.
