Montreal, QC, May 23rd, 2023 – FinDev Canada and Triodos Investment Management are proud to announce a loan of USD $10.2M to Maranatha to support the development of a solar energy power generation project in the Dominican Republic. The solar power plant will provide clean, cost-competitive electricity to the equivalent of an estimated 6,000 households annually and will feed directly into the country’s national grid.
The project includes the design, development, financing, construction, operation, and maintenance of a solar photovoltaic power plant with an installed capacity of 10 megawatts. The plant will be located in the community of El Toro, 16 km from Santo Domingo in the Dominican Republic, a small developing island state.
“Supporting renewable energy in developing nations is critical to our work,” says Paulo Martelli, Chief Investment Officer of FinDev Canada. “We are pleased to support the increase of supply of renewable energy in the Caribbean, where the impacts of climate change are more pronounced.”
“Investing in renewable energy is essential in creating a reliable and affordable energy supply. This contributes to social and economic development and to mitigating climate change”, says Marius Groenenberg, Principal Investment Manager at Triodos Investment Management. “We are therefore very pleased to participate in this impactful initiative through our investment funds Triodos Groenfonds and Triodos Emerging Markets Renewable Energy Fund”.
The Dominican Republic is working to reduce its dependence on fossil fuels to increase its energy independence, clean energy production, and improve business competitiveness.
Alongside the positive impact Maranatha will have on climate action, the organization has also committed to creating an inclusive and safe working environment. Knowing that, globally, women only represent an estimated 19 per cent of the renewable energy workforce, Maranatha will partner with local networks and universities to recruit and hire women. Furthermore, staff will receive training on gender equality, anti-harassment and discrimination, and gender-based violence prevention. This transaction is 2X qualified as women represent 50% of the leadership team and given Maranatha intentionality towards women empowerment.
This project is FinDev Canada’s first sustainable infrastructure transaction in the Caribbean and its first co-financing project with Triodos, a globally active impact investor.
About FinDev Canada
FinDev Canada is Canada's development finance institution (DFI), supporting the private sector in developing markets to promote sustainable development. Through loans and investments, FinDev Canada looks to mobilize private sector investment in developing markets to support business initiatives which enable women's economic empowerment, climate action and market development, all under the banner of the United Nations’ Sustainable Development Goals. FinDev Canada is a wholly owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada here.
About Triodos Investment Management
Triodos Investment Management (Triodos IM) connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, Triodos IM serves as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane. It has built up in-depth knowledge throughout 25+ years of impact investing in sectors such as Energy & Climate, Financial Inclusion and Sustainable Food & Agriculture, and also invests in listed companies that materially contribute to the transition toward a sustainable society. Triodos IM is a globally active impact investor with 750+ investments in over 50 countries with and €5.5 billion in assets under management (as per the end of 2022).
Maranatha Energy Investment S.R.L. is a company dedicated to generating renewable energy in the Dominican Republic.
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