NEW YORK, February 21, 2013: International Finance Corporation (IFC), a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund (IFC ALAC Fund), today announced a joint $100 million equity investment to help Cayman-based InterEnergy Holdings (IEH), owner and operator of power generation and distribution assets in Latin America and the Caribbean, to develop cleaner and more efficient energy sources in the Caribbean and expand operations in Latin America. IFC and the IFC ALAC Fund will each provide $50 million in equity to IEH.
The equity investment will help IEH to expand and upgrade its existing operations and develop new projects to diversify the Dominican Republic's energy sources. Additionally, IEH plans to leverage its vast footprint in the Dominican Republic and its team's experience in the Caribbean and Latin America to extend its reach into other markets in the region.
Washington, D.C.–based IFC is the largest global development institution focused exclusively on the private sector. The IFC ALAC Fund is a $1 billion investment fund managed by IFC Asset Management Company LLC that invests alongside IFC in equity investments in Sub-Saharan Africa, Latin America, and the Caribbean.
Morgan Lewis served as legal counsel to IEH on the equity investments. The Morgan Lewis deal team was led by Business and Finance practice partner Steven Navarro and included Business and Finance associates Etienne Shanon and Monica Shaw.
For further information, please see IFC's press release.