Bladex Supports the Energy Development of the Dominican Republic

Bladex (NYSE: BLX) led the closing of a US$116 million Standby Letter of Credit (SBLC) facility for the Manzanillo Gas & Power project, in which the Bank also participates as a lender.

The transaction involved four sponsors — FICDIE I, Itabo, Enerla, and Grupo Popular and spanned three jurisdictions: the Dominican Republic, Panama, and New York. FICDIE I, the majority shareholder of Manzanillo Gas & Power, is an investment fund focused on developing energy infrastructure in the Dominican Republic.  The fund is managed by AFI Universal and technically overseen by Trelia Energy Advisors in its role as Industry Specialist Manager.

Manzanillo Gas & Power is one of the most significant energy projects currently under construction in the Dominican Republic and the Caribbean. The project integrates two floating units (FSRU and FSU) for the storage and regasification of liquefied natural gas (LNG), which will supply two combined-cycle power generation plants with a total installed capacity of 840 MW.

With an estimated total investment exceeding US$1.7 billion, Manzanillo Gas & Power will strengthen the Dominican Republic’s energy security and the competitiveness of its power system, increasing the country’s installed generation capacity by more than 15% amid sustained growth in electricity demand. The project is expected to be completed in 2028.

“This facility reaffirms Bladex’s commitment to projects that promote development, competitiveness, and strategic infrastructure across the region. The transaction also demonstrates our ability to structure agile financial solutions tailored to our clients’ needs,” said Warren Bonilla, SVP Head of Caribbean & Central America at Bladex.

The facility was structured and executed within a matter of weeks, reflecting Bladex’s responsiveness and expertise in developing financial solutions for strategic infrastructure and energy initiatives across Latin America and the Caribbean.

“This project will transform the Dominican Republic’s energy matrix by providing efficient power generation, competitive pricing, and greater resilience to support the country’s development. We thank Bladex for its trust and support, which have been instrumental to the advancement of this project,” said Mónika Infante, General Manager of Manzanillo Gas & Power.

Through this transaction, Bladex reaffirms its ability to support initiatives that contribute to the development, competitiveness, and economic growth of Latin America and the Caribbean.