CABEI Promotes Clean Energy Development in Central America
CABEI financing is key for the promotion and development of renewable energy projects in the Central American region.
San José, July 16, 2014. - The Central American Bank for Economic Integration (CABEI), which is the leading funder of energy-generating projects that contribute to diversifying the regional energy matrix, actively participated in the 2014 Geothermal Congress for Latin America and the Caribbean.
Manuel Torres, CABEI Head of Project Development, noted that currently the Bank is implementing programs targeted at generating energy from natural resources and biofuels, sources that do not endanger food security; electricity transmission and distribution, including rural electrification; and energy efficiency and projects that contribute to diversifying the Central American energy matrix.
In his presentation, Mr. Torres said that the Central American region has vast experience in the field of energy production and transmission as a result of CABEI’s support. The Bank is the largest provider of development financing funds and pursuant to its 2012-2014 Institutional Strategy, it has supported the region’s countries to undertake a number of initiatives of this kind.
Since its foundation in 1963, the Bank has financed 41 geothermal programs and projects that have increased the potential and diversification of the countries’ energy matrix.
In the framework of its energy focus area, CABEI has maintained its commitment to supporting renewable energy projects. Only in 2013, the Bank approved five clean energy projects totaling US$167 million in order to provide the region with an additional 106.1 MW of energy for the benefit of more than 2.98 million electricity customers.
Through 2013, CABEI has approved more than US$3.0 billion to the energy sector in an accumulated manner. This has produced more than 3,400 MW of installed capacity, representing close to 40.0% of existing installed capacity in the region during the period. Of the total approved, more than 64% has been allocated for renewable energy projects. This figure will certainly rise considering the installed energy potential with renewable sources in the region.
During his presentation in Costa Rica, Mr. Torres declared that in 2014 CABEI plans to provide with US$360 million to the region’s energy sector, representing 25% of the CABEI loan portfolio during the year.
