InterEnergy Announces Partnership with Brookfield and Stonepeak to Accelerate the Net-Zero Transition
InterEnergy Group Ltd. (“InterEnergy” or the “Company”) has partnered with Brookfield Renewable and its institutional partners, and Stonepeak to further expand its existing business platform while accelerating its transition to a net-zero business. As part of the transaction, Brookfield and Stonepeak together will invest up to US$1 billion in the aggregate in InterEnergy over the course of the next 4 years, with the aim of propelling InterEnergy to a leading position amongst clean energy businesses in Latin America and the Caribbean.
InterEnergy has a 30-year history of providing reliable, cost-effective and clean energy to people and cities in Latin America and the Caribbean (including the Dominican Republic, Panama, Jamaica, Chile and Uruguay) through its solar, wind, and natural gas assets. The Company plans to use the investment from Brookfield Renewable and Stonepeak to execute on a more than 1,000 MW renewable development pipeline, augment the rollout of its services to the regions in which it operates, facilitate the Company’s energy transition, and grow the business sustainably for the long-term.
Nicolás de Narvaez, Senior Vice President at Brookfield Asset Management, said: “We are very pleased to be partnering with InterEnergy to help deliver their development plan for the region and support the Company in its energy transition. Our capital will help improve access to lower carbon and reliable power that is critical to meeting changing energy needs”.
Nick Hertlein, Principal at Stonepeak, added: “InterEnergy has long been a safe and reliable provider of energy and utility services to communities throughout the Caribbean and Central America. Alongside our partners at Brookfield Renewable, we are thrilled to support the Company as it invests in sustainable solutions and executes on its stated decarbonization goals”.
One of the key initiatives of InterEnergy’s energy transition plan is “CEPM Zero”, the Company’s plan to transform its 300 MW integrated utility in the Dominican Republic, which currently serves the fast- growing tourism sector of the region, into a 100% renewable energy electricity company with zero emissions. CEPM Zero would support the installation of 700 MW of wind, solar and pumped hydro as well as green hydrogen production, during this decade.
With this transition, the continuous growth of the resort areas within the Company’s concession, which include Punta Cana, Bávaro, Macao, Uvero Alto, Miches, Bayahíbe and La Romana, can occur without jeopardizing the sustainability objectives of the region. Furthermore, CEPM Zero would enable the Dominican Republic to become one of the largest carbon neutral tourist destinations in the world, catapulting the Dominican Republic to amongst the top choices for environmentally focused tourists from all over the globe.
Rolando González – Bunster, Chairman and CEO at InterEnergy Group, stated: “We believe that, together, hand-in-hand with Brookfield and Stonepeak, we can make a significant contribution to the region’s decarbonization effort, through energy transition. This is the commitment and obligation we have in all the markets where we operate, leading pioneer projects that have opened the path towards a brighter and cleaner future. We have always believed that sustainable development is the key goal that drives our actions, and our conviction has only grown stronger over the course of our 30 years as owners and operators of long-term assets”.
Over the course of the next 12 months, InterEnergy also plans to invest in several new assets in solar and wind power generation in the Dominican Republic, Panama, Puerto Rico, Uruguay and other countries in the region, by building on a renewable energy platform the company started building in 2011. Additionally, InterEnergy intends to boost its investments in the expansion of Evergo, its electric mobility charging business, which already operates in the Dominican Republic, Panama, Jamaica and Mexico, and expects to be expanding into other Latin American and Caribbean countries, positioning Evergo as the region’s largest charging network.
About InterEnergy Group
InterEnergy Group is one of the largest diversified clean energy companies in Latin America and the Caribbean. The Group operates electric power generation plants in the region, specifically in the Dominican Republic, Panama, Jamaica, Chile and Uruguay, with a total installed, available and developing capacity of 2.1GW. InterEnergy plays a significant role in the tourism sector of the Dominican Republic where it owns and operates CEPM, the integrated utility that serves the fast-growing resort areas of Punta Cana and Bavaro, covering over 70% of all hotel capacity in the country. InterEnergy has also been leading the transformation of Panama’s energy sector with the Laudato Si’ Wind Farm, the largest in Central America and the Caribbean, with a capacity of 215 MW and the Ikakos solar farm with a nominal capacity of 40 MW, using renewable resources for the supply of 100% its energy. More recently InterEnergy started construction of 670 MW natural gas Gatún project, which will add important base load capacity to the Panamanian system.
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 24,000 MW of installed capacity and an approximately 100,000 MW development pipeline. Investors can access its portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Further information is available at www.bep.brookfield.com and https://bep.brookfield.com/bepc. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately $750 billion of assets under management.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $51.7 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney. For more information, please visit www.stonepeak.com.