LatinFinance rewards Popular for a fixed income trust and the first green bond in the DR

The financial magazine LatinFinance recognized Banco Popular Dominicano with the Best Infrastructure Financing of the year 2022 for the financial support granted to the Haina Electricity Generating Company (EGE Haina).

The Investment Banking Area of ​​Banco Popular Dominicano advised EGE Haina to establish a “green bond” based on one of its renewable power plants, in the form of a trust for the issuance of fixed-income securities with an environmental impact, for an amount of US$100 million, becoming the first Dominican company to set up this type of structure.

This investment instrument, called Larimar I Securities Public Offering Trust and managed by Fiduciaria Popular, was approved on April 27, 2021 by the Superintendency of the Stock Market of the Dominican Republic (SIMV) and to date two issues have been placed for a total of US$60 million. Its third issue for US$10 million will be launched on November 10, 2022 through Inversiones Popular, SA – Puesto de Bolsa, a subsidiary of Grupo Popular.

The Larimar I Securities Public Offering Trust has as its main underlying asset the economic rights of the Larimar I Wind Farm, owned by EGE Haina, and the use of the funds is intended to refinance investments in sustainable and socially responsible assets, in this case, the Girasol Solar Park, which is also owned by the trustor. The issuance program was carried out in accordance with the SIMV and ICMA (International Capital Markets Association) green bond guidelines, which allowed obtaining the first green bond certification in the country by the CBI (Climate Bonds Initiative).

Excellence Criteria

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According to the publication, these distinctions are the result of the analysis carried out by its editors to highlight the work of those financial institutions that meet criteria of excellence in the Latin American and Caribbean region.

LatinFinance is one of the most recognized specialized publications on banking and financial activities in Latin America. Previously, it awarded Popular in 2009, 2011, 2012, 2013 and 2014 with recognitions at the national level, and in 2007 as the best financial institution in the entire Caribbean area.

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