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IDB approves $30M investment for green technologies

Caribbean, Latin America companies to benefit from new fund

The Inter-American Development Bank (IDB) has approved a $30 million loan designed to boost the private sector as a driving force in clean technologies and renewable energy in the region.
Caribbean and Latin America are expected to see their energy demand increase by 75 percent by 2030, and renewable energy could account for half of that total demand, according to Andrés Ackermann, the IDB project team leader.
“This financing is part of the IDB’s commitment to develop mechanisms to support long-term funding of renewable energy and clean technology projects in the region,which stimulate innovation, job creation and green economic growth,” said Daniela Carrera-Marquis, head of the Financial Markets Division at the IDB’s Structured and Corproate Finance Department (SCF).
The new fund will invest in renewable energy projects including wind, solar, small hydropower and geothermal, and in energy services companies using clean technologies, including waste-management, biomass, energy efficiency and smart-grid projects. The IDB’s support of the fund fits in with the Bank’s commitment to help mitigate the impact of climate change.
The fund will be managed by Stamford, Connecticut-based Emerging Energy and Environment, LLC (EEE), which specializes in clean and renewable energy, clean technologies, climate change and environment and low-carbon infrastructure investments and advisory services.
The IDB loan is expected to be supplemented by contributions from equity investors to include International Finance Institutions and other local and international capital sources.
The eventual size of the fund is targeted at approximately $150 million. The fund which is called the ‘Emerging Energy Latin America Fund II’ is the successor to a previous CleanTech Fund, an earlier stage $25.2 million fund that had a similar focus on renewable energy and clean technology and was supported by the IDB’s Multilateral Investment Fund (MIF).
“We are pleased to partner once again with the IDB Group and work together to provide important resources to reach a common objective of promoting green investments, supporting a more sustainable region,” said John Paul Moscarella, Founder and Senior Managing Director of Emerging Energy Latin America Fund II.


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