solar panels on commercial buildings; affordable clean energy

Solar power system installed using financing model in the Yamaha store, San José, Costa Rica.

Costa Rica, September 2022The expansion of distributed generation in the commercial and industrial sectors is critical to the clean energy transition. The recent $5MM common equity investment by Deetken Impact Sustainable Energy (DISE) in Greenlease CO, S.R.L., a subsidiary founded in 2019 by the Costa Rican company greenenergy®, will drive growth of photovoltaic solar systems with storage and photovoltaic micro-grids for commercial and industrial companies in Costa Rica. Greenenergy® specializes in financing systems that will allow businesses to produce, store and manage their own electrical energy, in order to be more efficient, resilient to increases in electricity rates, and above all, environmentally sustainable.

There is more interest in distributed generation in Costa Rica than ever before, driven in part by recent legislation regulating distributed power generation in the country and greater recognition of the potential cost savings and environmental benefits. Greenenergy has a 13-year track record in the industry, and will leverage Deetken Impact Sustainable Energy’s funds’ equity with senior debt to finance the immediate US$24 MM pipeline, expanding their portfolio while increasing returns. 

As Fernando Alvarado, CEO of Deetken Impact Sustainable Energy notes: “Following the enactment of important updates and improvements to the Costa Rican legal framework for distributed electricity generation with renewable energy sources, we see substantial dynamism in the market, especially in the Commercial and Industrial sector. We are keen on supporting leading companies offering tailored turnkey solutions that contribute to achieving energy resilience, lowering the cost of electricity, and generating measurable social and environmental impacts. We believe that by supporting Greenenergy’s proactive and professional approach we will contribute to achieving our investment objectives while ultimately benefiting the end users seeking quality and durable solar PV and battery storage installations.”

Moreover, Fernando Ortuño, General Director of greenenergy®, mentions that “Today, the worldwide energy trend in industries and businesses is the installation of photovoltaic microgrids and photovoltaic solar systems with energy storage batteries, for the effectiveness in reducing electricity costs and increasing the energy security of the sites. Being able to facilitate the financing of this technology to Costa Rican companies thanks to funds such as those that DISE will invest, is key to the sustainable economic, social and environmental growth of these companies and the country”. 

This collaboration will allow tailor-made financing ranging from zero upfront investment leasing, to offering energy savings through operating structures such as Energy as a Service (EaaS) and Microgrids as a Services (Maas), depending on the needs and interests of the industries and businesses.  

This investment is expected to contribute to a number of United Nations Sustainable Development Goals (SDGs) including Affordable and clean energy (SDG 7), Industry, innovation and infrastructure (SDG 9), and Climate action (SDG 13), by expanding access to renewable energy generation to different sectors of the Costa Rican economy and in turn mitigating the effects of climate change. Additionally, the investment will contribute to Decent work and economic growth (SDG 8), as the expansion of both Greenlease and greenenergy® represents an increase in gender-inclusive, well-paid jobs that will set a benchmark for other companies to follow.

 

About Deetken Impact Sustainable Energy

Deetken Impact Sustainable Energy (DISE) manages two funds that co-invest in renewable energy and energy efficiency projects and companies in Central America and the Caribbean.  With $60MM in committed capital, the funds have approved investments in 16 companies in 7 countries.  DISE is supported by its partnership with Deetken Impact, a Canadian impact asset manager focused on investments in women’s empowerment, clean energy, and social enterprises in Latin America and the Caribbean. DISE and Deetken Impact together manage $150 million in impact assets with a diverse team of seasoned impact investment professionals based in Central America, South America, the Caribbean and Canada and a track record of more than two decades. DISE is a signatory to the Operating Principles for Impact Management and has been selected to the ImpactAssets 50 Impact Investment Fund Manager Showcase for three consecutive years. 

 

About greenenergy®

greenenergy® is a Costa Rican Company with more than 13 years of experience in the clean energy industry having installed more than 15MWp locally, the equivalent to more than 35,000 solar panels. As for storage, the company has already installed 1MWh in fully operational microgrids, while 2.7MWh are in the process of being installed. Some of its main clients are the Caribbean Property Group, Auto Mercado, Purdy Motor, Grupo Acón, TLA, Honda, Yamaha, Vindi, POPS, amongst others. Greenenergy installs and maintains on and off-grid photovoltaic solar systems, and in 2021 it started implementing micro-grids, the biggest energy trend for industries. For more information visit www.greenenergy.cr.

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Magali Lamyin, Director of Communications and Development for Deetken Impact

MAGALI LAMYIN

Director of Communications and Development

 

Magali brings extensive market intelligence, business development and marketing experience from her work at the Central Bank of Mexico, the Canadian Institute for Market Intelligence, and the IESE-PWC e-Business Centre in Barcelona. She also co-led national marketing campaigns for businesses in the hospitality and early childhood education sectors for almost a decade before joining Deetken. In her current role, she is responsible for leading Deetken Impact’s communications, marketing and branding strategy. She is also involved in the due diligence process for project selection with an emphasis in Mexico.

Magali holds a BA in Economics from Mexico's ITAM and a Master's degree in Economics from the University of British Columbia.

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Jose Lamyin, Managing Partner Deetken Impact

JOSE LAMYIN

Managing Partner

 

José has extensive experience as a business advisor for clients throughout Canada, Europe and Latin America in mining, telecommunications, and finance. Prior to co-founding The Deetken Group, José worked for Teck Cominco in Peru and Canada and Deutsche Bank in London (UK). José has spearheaded much of the strategic growth of Deetken Asset Management since inception and is currently focused on investment selection.

José received his BS in Engineering from the University of British Columbia and MBA from IESE School of Business (Barcelona). Born in Peru, José is fluent in English and Spanish.

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Alexa Blain, Managing Partner Deetken Impact

ALEXA BLAIN

Managing Partner

 

Alexa is responsible for finance, operations and investor relations at Deetken Impact. She brings over 10 years of experience in financial consulting and asset management, with specific expertise in company and investment analysis, business valuation and securities/corporate finance. Prior to joining Deetken, she spent three years with African Alliance, a pan-African financial services group, where she focused on expanding the firm’s retail financial services operations as well as on the origination and negotiation of new capital. In addition, Alexa has six years of asset management experience with the Canada Pension Plan Investment Board, the Macquarie Group and the Ontario Teachers’ Pension Plan.

Alexa is a CFA Charterholder. She has also completed an MA in Financial Economics and an Honours BA in Economics, both at the University of Toronto.

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Fernando Alvarado, Head of Deetken Impact Sustainable Energy

FERNANDO ALVARADO

CEO

Honduras Renewable Energy Managers (HREM) and Caribbean Renewable Energy Managers (CAREM)

 

Fernando Alvarado leads the General Partner and Investment Advisor of two clean energy and energy efficiency project finance and venture capital funds: Honduras Renewable Energy Financing Facility (H-REFF) and Caribbean Basin Sustainable Energy Fund (CABEF), which he structured and runs with a combined target capitalization of $100m.

Development Investment Banker with 28 years of international credit and investment experience and 18 years of direct experience assessing diversified renewable energy portfolios in Latin America & the Caribbean. He has participated in more than 50 syndicated credit and investment transactions for renewable energy projects in excess of $250 MM. He led the creation, structuring, fundraising, legal closing and portfolio construction of several specialized renewable energy funds.

Costa Rican, based in San Jose, Mr. Alvarado has an MBA in Banking and Finance cum laude from Universidad de Costa Rica.

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Carl Black, Portfolio Manager Deetken Impact

CARL BLACK

Portfolio Manager

 

Carl is a Portfolio Manager with Deetken Impact focused on analyzing and working with MSMEs, social enterprises, and renewable energy developers in Latin America and the Caribbean. His main responsibilities include supporting business development, managing technical assistance projects, leading investment due diligence, and monitoring portfolio performance. Prior to joining Deetken Impact, Carl worked for five years as a consultant, advising public sector clients an non profits in Canada and financial services companies in Latin America. He started his career at the Bank of Canada, where he researched issues related to household and business credit. 

Carl completed an Honours BA in Economics at the University of British Columbia. He also holds an MSc in Economics & Development from the University of Oxford, where he earned distinctions in quantitative and development economics.

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Cristobal Aguirre, Investment Analyst at Deetken Impact

CRISTOBAL AGUIRRE

Investment Analyst

 

Cristobal has over 6 years of experience in the asset management industry, where his responsibilities have ranged from asset allocation and portfolio management to risk analysis and software development. Before relocating to Canada, Cristobal worked as a senior investment analyst in AFP Habitat—Chile’s largest pension fund—where he led the tactical asset allocation and macroeconomic research for emerging markets.

Cristobal is a CFA Charterholder, and completed a BA in Economics at Universidad de Chile.

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Chad Parsons, Senior Investment Analyst at Deetken Impact

CHAD PARSONS

SeniorInvestmentAnalyst

 

Chad has worked as a consultant in business and technology for 20 years – often helping clients with their business transformation initiatives.    He has worked with start-ups, government, and established businesses to further their product and service offerings with a balanced approach.   After pursuing a research degree on leveraging technology for social and economic development; Chad has found a valuable alignment of his background with Deetken’s innovative impact investments. 

Chad completed a BS in Engineering from the University of British Columbia and has a MSc with distinction from the University of Manchester (UK).

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