Press Release: Deetken Impact Sustainable Energy Announces Its First Investment in Solar Energy in Jamaica With Soléco Energy
Impact asset manager Deetken Impact Sustainable Energy (DISE), is thrilled to announce its first investment in solar energy in Jamaica. An investment sponsored by woman-led Soléco Energy. DISE’s investment is carried out through its two renewable energy managed Funds, H-REFF (Honduras Renewable Energy Financing Facility) and CABEF (Caribbean Basin Sustainable Energy Fund), that co-invest in Central America and the Caribbean. Through a common equity investment in a Special Purpose Vehicle, the funds will finance solar PV distributed generation projects for commercial and industrial clients using long-term solar lease agreements. The first 10-year, distributed generation, solar lease contract under this new venture has been secured with a large vertically integrated poultry business in Jamaica. Other established and important companies in Jamaica are in the pipeline.
This investment aligns well with our Funds’ mandate to contribute with the transition to clean and resilient energy generation in the Caribbean Basin. The development of new renewable energy infrastructure creates quality jobs and reduces carbon emissions, contributing to the achievement of the Sustainable Development Goals (SDGs).
“We couldn’t have found a better partner to launch our first investments in distributed generation in Jamaica. Ms. Rainford is an example of a talented and experienced project developer from Jamaica that has a clear strategy and solid business plan. If the Caribbean is to accelerate the transition towards resilient clean energy infrastructure, I’m convinced it has to be, to a great extent, through local native champions, and women have a key role to play. Through this investment, we also look forward to contributing to the economic recovery of the Caribbean region.” Fernando Alvarado, CEO, Deetken Impact Sustainable Energy.
We are proud to be working in partnership with Soléco Energy Limited, the project developer led by Angella Rainford. A successful Jamaican entrepreneur, Angella is the leading force behind the already developed and commissioned 51 MWp Paradise Park Solar Project, the largest of two utility-scale solar PV projects selling electricity to the public utility (JPS) in Jamaica.
“We are pleased to have DISE on board as investors in our initial portfolio of distributed generation projects in the Caribbean. DISE’s commitment to facilitating the adoption of renewable energy in the region is fully aligned with our business strategy and principles. This investment will enhance the operational efficiency of a number of Jamaica’s key enterprises while reducing their carbon footprint, thereby having a positive social, economic, and environmental impact in the communities where we operate. As a female-founded and led business, DISE’s investment in our company also demonstrates their dedication to empower women through entrepreneurship.” Angella Rainford, CEO, Soléco Energy.
DISE is committed to the development of distributed generation projects, which will be a key component of the transition to clean energy in the region. When commercial and industrial businesses source their energy from distributed generation solar systems, they realize significant savings and become more competitive at a national and international level. Distributed generation systems are also more reliable than the traditional grid as they are built with modern and efficient technologies.
DISE aims to fill a financing gap for renewable energy projects in the region by providing flexible mezzanine financial instruments that are needed by small and medium size developers for the transition to clean energy. In this investment we are working in partnership with a leading multilateral development bank.
Photo courtesy of torsmedberg.