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Latin America, Caribbean get $30 million for renewable energy

Renewable energy projects including wind, solar, small hydropower and geothermal in Latin America and the Caribbean will get a boost in the form of loans worth around $30 million from the Inter-American Development Bank.

The loan is for the Emerging Energy Latin America Fund II, the successor to a previous $25.2 million fund that was supported by the I.D.B.’s Multilateral Investment Fund.

“This financing is part of the I.D.B.’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 from the I.D.B.

Aside from renewable energy projects, the fund will invest in energy service companies using clean technologies such as waste management, biomass, energy efficiency and smart-grid projects.

The fund will be managed by Stamford, Connecticut-based Emerging Energy and Environment, L.L.C.

The eventual size of the new fund is set to be approximately $150 million, with the I.D.B. loan to be supplemented by contributions from local and international equity investors.

The Latin America and Caribbean regions are expected to see their energy demand increase by 75 percent by 2030.

Source: IDB

Category/ies:Regional News.
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