International Finance Corp. invested $100 million to develop cleaner energy in Latin America and the Caribbean with another World Bank Group fund as the regions seek to diversify their power supplies away from generation from oil.
The IFC and the $1 billion IFC African, Latin American and Caribbean Fund will each provide $50 million to InterEnergy Holdings, a Cayman Islands-based owner of power assets, the Washington-based funding arm said in a website statement.
InterEnergy will invest in areas such as the power industry in the Caribbean nation of Haiti that has suffered drought, food shortages and hurricanes since an earthquake hit in 2010 killing 300,000 people. It will also develop wind and solar power in the Dominican Republic, as well as boosting the country’s ability to import liquefied natural gas, to curb reliance on fuel oil.
“We will work together to bring more reliable, cost-efficient and cleaner energy production to the Dominican Republic and also plan to be directly involved in the development of power sector solutions for Haiti,” InterEnergy Chief Executive Officer Rolando Gonzalez Bunster said. It plans to expand Latin American operations, according to the statement.