Panamá, July 27, 2021 – Impact Asset Manager Deetken Impact Sustainable Energy (DISE), announces that its investee company, Solar Development Panama SA (SDP), has secured a US$4 million senior loan facility from Banistmo after finishing construction and beginning to supply energy through a long term private Power Purchase Agreement (PPA). The securing of this loan aligns well with our Funds’ mandate to contribute to the impact investment ecosystem by acting as a catalyst to attract private capital to finance renewable energy projects.
“We are very pleased to be working with a strong financing partner in Banistmo and to count on local bank financing for renewable energy projects in Panama. With the disbursement of this loan we successfully conclude the original financing structure we envisioned when we started this project and we expect the ongoing operation of the solar plant will continue to benefit all stakeholders.” Fernando Alvarado, CEO, Deetken Impact Sustainable Energy.
This loan also aligns well with Banistmo’s mandate to support Panama’s energy transition and advance towards the UN Sustainable Development Goals (SDGs). Fossil fuel generated energy produces approximately 60% of global greenhouse gas emissions and contributes to climate change. Financing solar energy power plants directly impacts SDG 7: Affordable and Clean Energy as it increases renewable energy generation, SDG 11: Sustainable Cities and Communities and SDG 13: Climate Action.
“Banistmo is committed to supporting Panama’s energy transition, first by managing our own direct impacts through our eco-efficiency initiatives, and also by accompanying our customers in the financing of projects like this one of renewable energy, which are aligned with our purpose as an organization to promote more sustainable cities and communities. ” Aimeé Sentmat de Grimaldo, CEO, Banistmo.
Solar Development Panama
Solar Development Panama is a Panamanian company co-owned by DISE and Refeel Panama S.A. (Grupo ReFeel). SDP built the 5.85 MW solar power plant in the district of Pese, in the Herrera Province of Panama. The power plant began to supply energy under a long term private PPA in March 2021.
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 15 companies in 6 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 $140 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 Managers list for two consecutive years.
About ReFeel Panama SA
ReFeel Panama S..A. is a developer and installer of renewable energy projects and is also dedicated to Energy Efficiency projects, with a primary role in the Panamanian market. ReFeel Panama S.A. is part of the ReFeel Group, an international renewable energy company active in 7 countries with a portfolio of projects realized or under development over 1GW.
For more information, visit:
- https://deetkenimpact.com/ or follow on Twitter @DeetkenImpact
- https://www.refeelpanama.com/ or follow on IG @ReFeelPanama