CIBC FirstCaribbean Wins Best Renewable Energy Financing Award
When the Caribbean Renewable Energy Forum (CREF) met for its 14and in Miami, Florida, CIBC FirstCaribbean was recently named the recipient of the award for Best Renewable Energy Financing in the 2022 CREF Industry Awards.
The forum returned to its first in-person meeting where more than 25 countries, including regional stakeholders, were present for caucus from April 26-28.
CIBC FirstCaribbean was recognized for its innovation and leadership in corporate funding of key initiatives in the renewable energy sector.
Between 2020 and 2021, the bank spearheaded the refinancing of the project portfolios of two major renewable energy players in the Caribbean: BMR Energy, a developer of wind and solar photovoltaic (PV) assets in several territories of the region and Central America and WRB Energy, an investor in Jamaica’s largest utility-scale solar photovoltaic power plant.
In doing so, the bank continued to express its confidence in the sector demonstrating that regional financial institutions are at the table to support the region’s energy transition and highlighting that renewable energy investments can access financing options within our region to accelerate this transition.
Chief Executive Officer, Colette Delaney, observed that the bank’s commitment during the period for which the prize was awarded, “represents a break with the historical construction where extra-regional development banks have been the leading financiers of renewable energy projects in our region Renewable energy developers now understand that our support for projects in the sector means that there is more than one single channel to finance their projects in the region.
“Our bank will continue to focus on the types of investments that can catalyze our region’s recovery, such as investments in renewable energy. Investments in infrastructure, in general, are important to stimulate the economy, get people back to work, create new jobs and encourage increased circulation of cash flow to jump-start our economies and ensure our future success,” Delaney noted. .
CIBC FirstCaribbean continues to be recognized for its role in organizing similar financing initiatives in the area of renewable energy. In 2017, the bank received the CREF “Project Finance Deal of the Year” award for financing the first large-scale solar photovoltaic project in the Cayman Islands.
CREF is the largest annual energy market gathering in the Caribbean, with a particular focus on clean energy. Through events, webinars and market insights, conference organizers New Energy Events LLC have supported the global clean energy transition since 2009.
The forum continues to bring together policymakers, regulators, utilities, investors, developers and financiers in an environment that encourages the market to meet and network, with a view to inspiring action in the industry .