Bladex, a multinational bank founded in 1979 by the central banks of Latin America and the Caribbean, has announced its role as the lead lender in a USD 425 million financing package granted to AES Dominicana. The transaction is aimed at refinancing and strengthening a portfolio of six renewable energy projects in the Dominican Republic: five solar photovoltaic (PV) plants and one wind power facility.
All six assets are already 100% operational, delivering clean electricity to the national grid and reinforcing the resilience and capacity of the Dominican power system to meet rising energy demand.
The financing involved six leading banks from Panama and the Dominican Republic, with Bladex providing the largest individual contribution. This position consolidates Bladex’s role as a key financier of sustainable infrastructure across the region.
The transaction builds on the recent entry of TotalEnergies, which acquired 50% of the solar, wind and battery energy storage system (BESS) portfolio of AES Dominicana Renewables Energy. Through this deal, the French multinational not only expanded its strategic partnership with AES in the Caribbean, but also strengthened its renewable energy footprint in the Dominican Republic.
AES’s renewable portfolio in the country includes more than 1 GW of contracted wind, solar and BESS projects, of which 410 MW are already operational or under construction, supplying electricity under long-term power purchase agreements (PPAs). The pipeline also comprises over 500 MW of solar and wind capacity under development, alongside BESS projects designed to mitigate intermittency and enhance grid stability.
Part of the new financing will be allocated to the installation of battery energy storage systems at four of the plants, further improving grid reliability, operational efficiency and flexibility. According to the companies involved, this transaction represents the largest renewable energy loan ever granted in the Caribbean.
“This operation marks a milestone for the region and reaffirms Bladex’s commitment to sustainability, the energy transition and the strengthening of critical infrastructure. Projects like this drive long-term economic, environmental and social value for our countries,” said Samuel Canineu, Executive Vice President of Business at Bladex.
Edwin De los Santos, CEO of ADRE and President of AES in the Dominican Republic, highlighted that the agreement “reinforces AES Dominicana’s leadership in renewable energy”.
“At AES, we are firmly committed to advancing the energy transition while ensuring the development of reliable, secure and flexible power systems. The confidence shown by Bladex and regional banks is a clear sign of the robustness of our portfolio and the positive impact these plants are already delivering for the country,” he added.
Bladex had previously participated in the original construction financing of these renewable assets, supporting AES Dominicana from the early development stages of this strategic portfolio. In 2023, the bank acted as structurer and lender in two transactions totalling USD 160 million, aimed at refinancing and strengthening solar and wind projects.
These included a USD 40 million equity loan to AES España and an additional USD 120 million financing, split equally between Bladex and Banco Popular. Those operations laid the foundations for the growth and consolidation of AES Dominicana’s clean generation platform.
