Solar power system installed using financing model in the Yamaha store, San José, Costa Rica.
Costa Rica, September 2022 – The 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.
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.