AES Dominicana y Scotiabank suscriben acuerdo de préstamo verde por US$36 millones para proyecto de energía solar

Santo Domingo, DN - June 23, 2021. AES Dominicana and Scotiabank signed a financing agreement for 36 million dollars over 5 years, for the construction of the Santanasol solar project, structured in accordance with the Green Loan Principles.

Scotiabank supports AES Dominicana in its efforts to accelerate the future of clean energy in the country, in line with its commitment to helping its customers move towards a low-carbon future by providing them with innovative green solutions.

The photovoltaic plant will involve an estimated investment of US$45 million and is part of AES Dominicana's sustainability strategy to reduce its environmental footprint. It will have a generation capacity of 50 MW and will reduce CO2 emissions by an estimated 90,000 metric tons per year, with the capacity to serve more than 30,000 homes. It will be developed in the province of Peravia, in the south of the country.

This funding contributes to fulfilling the National Development Strategy 2030 and the commitment as a signatory nation to the Paris Agreement and the Sustainable Development Goals. The Santanasol project aligns with Goal 7, Affordable and Clean Energy, and Goal 11, Sustainable Cities and Communities, due to its environmental attributes.

The contract was signed by Edwin De los Santos, president of AES Dominicana, and Gonzalo Parral, CEO of Scotiabank Dominican Republic.

“We are pleased to finance clean energy initiatives like Santanasol, which support the transition to a low-carbon economy while contributing to the economic growth and sustainable development of the Dominican Republic,” said Parral. “This agreement also aligns with Scotiabank’s Climate Commitments, through which we are dedicated to supporting actions that address climate change through our banking operations.”

“At AES Dominicana, we are thrilled with this green financing initiative, in partnership with Scotiabank, which accelerates our commitment to contributing to a sustainable future for the country. Our Santanasol project is of paramount importance as it consolidates the Dominican Republic as the fastest-growing country in non-conventional renewable energy sources in the entire region and, therefore, the one with the greatest capacity to attract investment seeking to link all its productivity in a more sustainable way,” said De los Santos during the signing.

For his part, Jeff Mackay, Chief Financial Officer (CFO) for Mexico, Central America and the Caribbean (MCAC) at AES Corporation, stated that “this loan allows us to continue growing our renewable energy portfolio in the region. For AES, the Dominican Republic represents a highly attractive market where we expect to continue promoting new technologies and supporting the development of clean and efficient energy generation sources.”

To learn more about Scotiabank's climate commitments, visit: https://www.scotiabank.com/corporate/es/principal/responsabilidad-e-impacto/compromisos-climaticos.html

 

About Scotiabank

Scotiabank is a leading bank in the Americas. Inspired by our corporate purpose, “For Our Future,” we help our customers, their families, and their communities succeed through a full range of advice, products, and services across personal and commercial banking, wealth management, private, corporate, and investment banking, and capital markets. With a team of approximately 90,000 employees and around $1.1 trillion in assets (as of April 30, 2021), Scotiabank trades its shares on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). For more information, please visit https://www.scotiabank.com and follow us on Twitter @ScotiabankViews

About AES Dominicana

AES Dominicana is driving the future of energy with tailored solutions based on new technologies, adapted to customer needs, sustainable development and responsible consumption, accelerating the energy transition, all together.

It maintains a collaborative management approach with Dominican society, and especially with the communities near its production plants, based on trust and shared value. In its 24 years in the country, it has cultivated trust as an asset that is strengthened daily through the delivery of competitive electricity to the National Interconnected Electric System (SENI) to serve the three electricity distributors. This is further reinforced by important alliances that strengthen its long-term vision and an investment portfolio of US$1.8 billion, supported by operational management that prioritizes job security. In addition, it demonstrates a genuine commitment to carbon neutrality through the implementation of projects that have reduced CO2 emissions by 1.8 million metric tons.