Hunton Advises IDB Invest and FinDev Canada on USD$56.4 Million Financing for Solar and BESS Energy Project in the Dominican Republic

On November 1, 2024, Inter-American Investment Corporation (IDB Invest) together with Development Finance Institute (DFIC) Inc. (FinDev Canada), closed on long-term project financing, including secured debt financing of up to USD$56.4 million, to Energía Turística, Enertur, S.A. (Enertur) for the design, development, financing, construction, ownership, operation, and maintenance of a green-field solar photovoltaic (PV) power plant and a battery energy storage system (BESS), and associated infrastructure, located in La Romana, Dominican Republic.

The project involves a 15-year USD$70 million investment including debt and equity financing. The debt financing includes USD$37.6 million from IDB Invest, USD$18.8 million of which is mobilized under a B Loan provided by the Dutch Development Finance Institution (FMO), and another USD$18.8 million provided by FinDev Canada. The equity financing includes USD$14.1 million of equity contributions provided by sponsors to Enertur, including InterEnergy Group and InterEnergy Renewables S.L.

IDB Invest and FinDev Canada successfully completed the first disbursement to Enertur on March 13, 2025.

Hunton Andrews Kurth LLP and Pellerano Nadal Law & Consulting advised the lenders as International Counsel and Dominican Republic Counsel, respectively. Rasco Klock Perez & Nieto P.L., advised the borrower as International Counsel.

Hunton Lawyers:

• Vera Rechsteiner, Partner
• Eric Markus, Partner
• James Simpson, Partner
• Martin Skehill, Partner
• Kenneth Black, Associate
• Gustavo Rodriguez Villate, Associate

Pellerano Nadal Law & Consulting Lawyers:

• Marielle Garrigo, Partner
• Eduardo Pellerano Nadal, Senior Associate

IDB Invest In-House Counsel Lawyer:

• Joshua Hartshorn, Partner

FinDev Canada In-House Counsel Lawyer:

• Simon Voorhoeve, Partner

Rasco Klock Perez & Nieto Lawyers:

• Rosana Gutierrez, Partner
• Melissa Soy, Law Clerk Associate

In-House Counsel Lawyers:

• Noelia Silvestre Rodriguez, Legal Manager
• Marcos Ortega, Legal Vice President
• Ana Gabriela Jiménez, Legal Counsel