Published On: Wed, Nov 14th, 2018

CIBC FirstCaribbean supports utility development as the key for improving our communities

As one of the Lead Arrangers in ANG 375 million financing to Aqualectra

CIBC FirstCaribbean financing historic loan AqualectraWILLEMSTAD - The production and distribution of reliable and affordable electricity and water is the backbone for improving the lives in our Caribbean communities and growing our economies. This is why CIBC FirstCaribbean is proud to be Joint Lead Arranger of the historic corporate financing of ANG 375 million for Aqualectra in Curaçao.  This transaction demonstrates CIBC First Caribbean’s knowledge and expertise of the utility sector and is clear proof of confidence in Aqualectra and in Curaçao.

CIBC FirstCaribbean, together with Maduro & Curiel’s Bank will be Joint Lead Arrangers in an important financing to Aqualectra totaling ANG 375 million. The Joint Lead Arrangers will syndicate part of their respective underwritten portion post-closing to other local financial institutions and institutional investors

CIBC FirstCaribbean played a leading role in 2016 under a joint mandate with CIBC, assisting Aqualectra in a credit rating process which was concluded in September of that year. Standard & Poor’s Global Ratings assigned its 'A-'corporate rating to the Integrated Utility Holding N.V. (Aqualectra). Recently, this ‘A-’corporate rating was confirmed by S&P Global Ratings. Aqualectra is presently investing in a new 39 MW diesel power plant at the Dokweg with the financing of ANG 70 million provided by CIBC FirstCaribbean earlier this year.

In addition, as part of its firm commitment to the Caribbean, CIBC FirstCaribbean will be one of the main sponsors of the Caribbean Infrastructure Forum (CARIF 2018) which will take place in December.

CARIF 2018 will take place on December 4th and 5th in Nassau, Bahamas and will bring together policy-makers, utility companies, financiers and multinationals to map out the region’s infrastructural needs, generate vital new relationships and introduce world-class Caribbean projects to international sources of financing. The Caribbean urgently needs to modernize its power, transportation, telecom, water and wastewater sectors in order to position the region for growth and competitiveness. Apart from modernizing all investments, the infrastructure sector must now also take into careful consideration the increasingly frequent and extreme weather events happening in the region. The next generation of Caribbean infrastructure must be climate-resilient.

However, while the Caribbean communities are facing real challenges and substantial investments are needed, opportunities are emerging as well. CIBC FirstCaribbean supports and endorses the CARIF 2018 as the single platform in the Caribbean where these challenges are addressed and can be turned into opportunities.

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