Published:
22 December, 2023
Published:
22 December, 2023
Published:
15 June, 2022
SAO PAULO (S&P Global Ratings) June 6, 2022--S&P Global Ratings took the rating action described above. The rating affirmation reflects our expectation that IERL will continue generating relatively predictable cash flows thanks to its long-term and dollar-denominated power purchase agreements (PPAs). That, combined with low maintenance capital expenditures (capex), manageable debt servicing needs, and discretionary dividends will allow the company to keep gross debt to EBITDA in the 4.5x-5.0x range and funds from operations (FFO) to gross debt at 12%-15% in the coming years, aligned with our assessment of an aggressive financial risk profile.
We do expect delays from ENEE will result in higher working capital needs in 2022. However, we still view the liquidity position as adequate because of the following factors:
The payment delays from ENEE are attributable to the difficult financial situation of Honduras' energy sector due to high energy losses and delinquency rates, which the government is trying to address with an energy reform in the country, which includes bilateral negotiations of PPAs with private generators. This is still ongoing, and we're monitoring how it will affect IERL's PPAs in Honduras and the company's credit metrics. As a mitigating factor, IERL benefits from insurance that covers breach of contracts and expropriation in Honduras, provided by Multilateral Investment Guarantee Agency (MIGA), which we believe it would use only as a last resort.
IERL's term loan agreement includes maintenance financial covenants measured by gross debt to EBITDA of up to 5.25x in 2022, 5.20x in 2023, 5.15x in 2024, 5.0x in 2025, 4.8x in 2026, and 4.65x in 2027. If IERL breaches them, it would trigger an event of default. We're amending the covenant calculation because in our last report, published on June 18, 2021, we stated that the covenants were calculated on a net debt basis. Although we forecast tight covenant headroom of about 10% in the next couple of years--considering IERL's gradual deleveraging following the scheduled amortization of the term loan, and while the covenant's threshold narrows--we don't expect the company to breach them.
IERL's business risk profile reflects its smaller scale than that of peers and its exposure to high country risk in Central America, especially Guatemala (foreign currency: BB-/Positive/B), Honduras (BB-/Stable/B), Costa Rica (B/Stable/B), and Nicaragua (B-/Stable/B). These factors partly offset the attractive terms of IERL's dollar-denominated contracts, which have an average remaining term of about 13 years. Although there's some concentration among its off-takers, which are some of the largest electricity distributors in Central America, they're required to buy almost all the energy that IERL's assets generate, in line with the PPA terms.
We also consider the company's good diversification by asset type and its favorable location. IERL has 818.5 megawatts (MW) of installed capacity through 11 assets in six jurisdictions, and 40% of its installed capacity is hydro, 39% is wind, and 21% is solar. In our view, this allows for more stable cash flows, because hydro and wind generation typically show historically negative correlation. Also, the location of its assets allows IERL to post net capacity factors of 40%-43%. We view these factors, along with the company's relatively new and efficient asset base, as rating strengths because they allow IERL to post EBITDA margins in the 55%-60% range, which are higher and more stable than the regional peers' margins of 40%-50%.
ESG credit indicators: E-1, S-3, G-3
Environmental factors are a positive consideration in our credit rating analysis of IERL, which operates exclusively in renewable generation. The company plays an essential role in countries that are promoting the transition to unconventional renewables to replace existing carbon-based technologies. We believe that the company is diversified in terms of asset type (40% of EBITDA comes from hydro run-off river dams, 40% from wind assets, and 20% from solar farms), supporting stable cash flows.
Social and governance factors are moderately negative considerations due to IERL's exposure to high-risk jurisdictions, such as Guatemala and Honduras, given their weak institutional frameworks and problems related to income inequality. Nevertheless, these risks are partly offset by IERL's expertise in developing renewable energy in Central America and its ability to deal with several regulatory authorities.
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15 June, 2022
RATING ACTION COMMENTARY
The principal sources of information used in the analysis are described in the Applicable Criteria.
Additional information is available on www.fitchratings.com
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
| Investment Energy Resources Limited | EU Endorsed, UK Endorsed |
Published:
15 June, 2022
New York, February 10, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Investment Energy Resources Limited (IERL) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 3 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
Key rating considerations are summarized below.
Investment Energy Resources Limited's (IERL) credit profile reflects its diverse portfolio of renewable assets in Central America and the Dominican Republic that have demonstrated adequate operational performance in recent years. The credit quality also reflects the cash flow visibility, given that the assets are mostly contracted under long-term, fixed-price USD dollar denominated power purchase agreements (PPAs), with an average remaining life of more than 13 years. Balanced against these credit strengths, is IERL exposure to the relatively weaker credit quality of the PPA off-takers, where approximately 60% of the cash flows in 2020 derived from contracts with either B-rated counterparties or unrated companies that operate in countries in the B-rating range.
IERL's credit quality also incorporates relatively high leverage. Under Moody's base case, considering a P-90 generation scenario, projected financial metrics indicates an average ratio of cash interest coverage (CFO Pre-W/C+ interest)/interest and (CFO Pre-W/C)/debt of 3.0x and 12.0%, respectively, over 2022 -- 2024.
This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.
The principal methodology used for this review was Unregulated Utilities and Unregulated Power Companies published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
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This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
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Published:
12 June, 2022
Guatemala, June 8, 2022. CMI Energy, part of the CMI Capital Business Group of Corporación Multi Inversiones -CMI- received the Green Market Pioneer Award in 2021 in the seventh edition of the Climate Bonds Awards, for its commitment and innovation in the renewable energy financial industry. This international event, organized by the Climate Bonds Initiative, rewards leadership, best practices and innovation in green and sustainable finances.
Since 2016, the Climate Bonds Awards have honored 175 organizations that have shown leadership in financing low-carbon, climate-resilient projects in different countries and markets, based on 23 categories to evaluate participating businesses.
“This recognition fills us with satisfaction and allows us to reaffirm our commitment to continued growth and the creation of impactful investments that lead to the sustainable development of the countries and communities where we operate. Investing in renewable energy is, without a doubt, investing in integral sustainability. Therefore, it is essential to promote a reliable, affordable and decarbonized energy system to continue contributing to the social, economic and environmental growth of countries”, said Enrique Crespo, CEO of CMI Capital.
Therefore, CMI Capital remains faithful to its purpose of creating impactful investment that promotes sustainable development in projects and businesses, seeking to grow together with its employees, clients, suppliers and neighboring communities.
CMI Energy owns and operates energy generation and marketing assets. It is the largest and most diversified private renewable energy generation company in Central America and the Caribbean. With the generation of more than 800MW, it operates in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and the Dominican Republic; with hydraulic, wind and solar technologies.
In 2021, CMI Energy successfully placed US$700 million in green bonds in the international market and closed a US$300 million syndicated loan to refinance all its project financing debt. In this way, CMI made its strengths as a group of business excellence and continuous growth more robust, with knowledge and experience in business operations in the region.
“The placement of US$700 million in green bonds was the largest to date by a renewable energy company in Central America and the Caribbean, marking the entry of CMI Energy into the international capital market with the largest and most diversified private markets, with a 100 percent renewable energy portfolio in the region,” assured Crespo.
After the placement of green bonds, CMI Energy continues with its objective of making sustainable investments that have a positive impact, thus highlighting its contribution to the reduction of greenhouse gas emissions and the decarbonization and diversification of the regional energy network with renewable energy in the countries where it operates.
This award is the result of CMI Capital's strong commitment to sustainability, including environmental, social and economic considerations, to promote well-being and security in the countries where it operates.
About Corporación Multi Inversiones -CMI-: Corporación Multi Inversiones is a multi-Latin family corporation that creates investment and employment in the region, made up of more than 40,000 employees and with operations in more than 15 countries, particularly in Central America and the Caribbean. Through its Business Groups: Capital and Food, it creates sustainable impact in the communities where it operates, offering excellence and quality in its products and services, consolidating itself as one of the most important business groups in Latin America. For more information, see: www.somoscmi.com
About CMI Energy: CMI Energy, a business unit of CMI Capital, stands out as the largest private renewable energy platform in the region, with a highly diversified portfolio across technologies and geographies, operating capabilities and track record, and its high and continuous commitment to sustainability. With operation of hydraulic power plants in Guatemala, Solar in El Salvador, Honduras and the Dominican Republic, Wind power in Honduras, Nicaragua and Costa Rica, it exceeds 800 MW of installed capacity. For more information, see: https://somoscmi.com/es/agrupaciones-de-negocio/cmi-capital
Limited Liability
This release includes forward-looking statements. These forward-looking statements involve risks, uncertainties and assumptions. CMI assumes no obligation to update or correct the information contained in this press release.
Awards Vídeo: Link
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Press Contact
Gabriela Rivas
Published:
18 November, 2021
With this investment, CMI Energy, part of Corporación Multi Inversiones-CMI-, expands its presence and joins the interconnected national power grid, providing 50 megawatts of clean energy. With this investment, CMI Energy supports the Dominican Republic efforts to transition to a cleaner and more sustainable energy matrix.
Dominican Republic, November 04, 2021 - In order to continue consolidating and strengthening its growth strategy, CMI Energy – part of Corporación Multi-Inversiones (CMI)- announced the start of operations of its first renewable energy plant in the Caribbean. With a total capital investment of US$ 72.5 million and 50MW in contracted capacity, the solar park of Mata de Palma in the municipality of Guerra, province of Santo Domingo, joins the CMI Energy portfolio to generate a sustainable development impact in the Caribbean.
With the incorporation of Mata de Palma to CMI’s renewable energy generation portfolio, CMI Energy exceeds 800 MW of installed capacity through several renewable energy operations across 6 countries. Through the technological and geographical diversity of the company, with hydraulic generation in Guatemala; wind in Honduras, Nicaragua, and Costa Rica; and solar in El Salvador, Honduras and now the Dominican Republic -with Mata de Palma- CMI Energy has expanded its presence, positioning itself as the largest and most diversified renewable private generator in the Central American and Caribbean region.
Mata de Palma has more than 200,500 solar panels, and world-class technology, which has made it a point of reference in the country. Mata de Palma, which was developed by BAS Corporation and built by Dominion, allowed the creation of approximately 250 direct and indirect jobs, as well as subcontracting that allows the park's operation to meet international quality standards.
“With the acquisition and operation of Mata de Palma, CMI Energy marks its beginning in the Caribbean and, especially, in the Dominican Republic. Mata de Palma supplies clean energy and allows the country to feed its high level of economic growth, as the Dominican government points out, to have 25% of its electricity from non-conventional renewable sources,” said Enrique Crespo, CEO of CMI Capital.
He also noted: “CMI Energy reaffirms its commitment to continue working in every area where it operates, as it has done for more than 25 years, with the highest quality standards, respect for human rights and a strong commitment to care for, protect and conserve the environment and natural resources. Through our total generation of renewable energy, we are preventing emissions of more than 1.5 million tons of CO2 per year and thereby contributing to mitigate climate change. Specifically, in the Dominican Republic, with the generation of Mata de Palma, the annual emission of approximately 60,800 tons of CO2 is avoided, which shows our great environmental commitment to the country.”
The launching of Mata de Palma is another one of the many milestones that CMI has achieved over 100 years. Since 2002, CMI acquired Grupo Malla, a highly renown company which for decades participated in the Dominican market. Since then, CMI has operated 2 flour distribution centers, 2 flour processing plants and 6 flour mills in the country, and now Capital group is expanding its presence in the Dominican Republic.
“The size of our business and our geographical footprint requires us to not only make our operations sustainable, but also to contribute in a measurable way to the development of countries. Therefore, through our business divisions we seek to be an active part, from the role of agents of change in the region, and now in the Dominican Republic, through our capacity to generate investments that positively impact economic, environmental and social approaches,” said Crespo.
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About Corporación Multi-Inversiones - CMI-: Corporación Multi-Inversiones is a Latin-American family-owned corporation that generates investment and employment in the region, made of more than 40 thousand employees operating in more than 15 countries, particularly in Central America and the Caribbean. Through its Business Groups: Capital and Food, creates a sustainable impact in the communities where it operates, offering excellent, quality products and services, consolidating itself as one of the most important business groups in Latin America. For more information: www.somoscmi.com
About CMI Energy: CMI Energy, the business division of CMI Capital, stands out as the region's largest private renewable energy platform, with its highly diversified portfolio through technologies and geographies, its operational capacities and trajectory, and its high and ongoing commitment to sustainability. Operating hydroelectric plants in Guatemala, solar plants in El Salvador, Honduras and the Dominican Republic, wind farms in Honduras, Nicaragua and Costa Rica, which exceed 800 MW of installed capacity.
For more information: https://somoscmi.com/es/agrupaciones-de-negocio/cmi-capital
Published:
21 October, 2021
These are the Project & Infrastructure Finance Awards, awarded each year by the prestigious LatinFinance Magazine, to recognize financial institutions in Latin America and the Caribbean that, through their successful projects, have generated economic progress for the region.
CMI Energía was recognized in the Infrastructure Financing of the Year - Central America category.
These awards offer a wide perspective on the achievements highlighted by each company in the last year, since the winners are selected by the magazine's editors, taking into account factors such as innovation, opportunity, foresight, quality of execution and impact.
"We are pleased to receive this award from LatinFinance, and it allows us to reaffirm our commitment to continuous growth and generating a positive impact on the environment and the communities where we operate," explained Enrique Crespo, CEO of CMI Capital.
Last April, CMI Energía successfully placed US $ 700 million in green bonds, with a yield of 6.25% and maturing in 2029, as well as a syndicated line of credit of approximately US $ 300 million.
This transaction is the largest ever made by a renewable energy company in Central America and the Caribbean, and it marked the company's entry into the international capital market, with the broadest and most diversified private portfolio of 100% renewable energy in the region.
The success of this placement is explained not only by the technological and geographic diversity of its energy platform, but also by the strong commitment that CMI Capital has with the care, protection and conservation of the environment and respect for human rights.
CMI Capital firmly believes in the potential of its investments in power generation through renewable sources, which are also essential to combat climate change and limit its most critical effects.
Through its portfolio, the corporation contributes to caring for the environment, preventing the emission of approximately 1 million 578 thousand tons of carbon dioxide per year, directly fighting climate change.
“To invest in renewable energy is to invest in comprehensive sustainability. And for that, it is essential that we promote a reliable, affordable and decarbonized energy system to continue contributing to the social, economic and environmental growth of countries, ” added Crespo.
Within the framework of CMI's 100-year history, with this award, CMI Energía continues to add milestones, while fulfilling its strategic vision of generating impact investments that promote sustainable development.
With a solid 30-year editorial experience, LatinFinance is the specialized magazine and reference for information on financial markets and the economies of Latin America and the Caribbean. Its publications offer valuable information to an international audience made up of senior executives of corporations, government and investors from around the world.
About Corporación Multi Inversiones -CMI-: Corporación Multi Inversiones is a multilatina family corporation that generates investment and employment in the region, made up of over 40 thousand employees and with a presence in more than 15 countries, particularly in Central America and the Caribbean. Through its Business Groups: Capital and Food, it creates a sustainable impact in the communities where it operates, offering excellence and quality in its products and services, consolidating itself as one of the most important business groups in Latin America. For more information: www.somoscmi.com
About CMI Energía: CMI Energía, a business unit of CMI Capital, stands out as the largest private renewable energy platform in the region, its highly diversified portfolio across technologies and geographies, its operating capabilities and track record, and its high and continuous commitment to sustainability. With the operation of hydraulic power plants in Guatemala, Solar in El Salvador, Honduras and the Dominican Republic, Wind in Honduras, Nicaragua and Costa Rica, it exceeds 800 MW of installed capacity. For more information:https://somoscmi.com/es/agrupaciones-de-negocio/cmi-capital
Limitation of Liability
This release includes forward-looking statements. These forward-looking statements involve risks, uncertainties and assumptions. CMI does not undertake any obligation to update or correct the information contained in this press release.
Published:
21 October, 2021
New York, April 27, 2021. CMI Energía, part of CMI Capital group of Corporación Multi-Inversiones, (i) issued US$700 million of green bonds at an interest rate of 6.250% and expiring in 2029, and (ii) closed a syndicated loan of US$300 million to refinance all of its project finance indebtedness. The successful transaction was executed in the framework of CMI's 100th anniversary.
This is the largest green bond placement by a renewable energy company in Central America and the Caribbean to date, and represents the entry of CMI Energía into the international capital markets with the largest and most diversified private, one-hundred percent renewable energy portfolio in Central America and the Caribbean.
Investors expressed their confidence in CMI and the region by making offers that were nearly five (5) times the size of the issue. The geographic diversification of investors stands out, with offers from investors from the United States (56%), Europe (29.4%), Asia (2.3%) and Latin America (12.3%); many of which have a focus on ESG (environmental, social and governance) criteria, which in recent years has become the benchmark for socially responsible investments.
“We are very proud to be the region’s leading private, renewable energy company. Our purpose is to generate impact investments that drive sustainable development.
Through the placement of green bonds, we seek to optimize the capital structure and operation of our company, with continuous growth and a positive impact for the communities in the jurisdictions where which we operate”, explained Enrique Crespo, CEO of CMI Capital.
Rothschild & Co and Clifford Chance acted as financial advisor and legal advisor to CMI, respectively, on the transaction. The green bonds were rated Ba3 by Moody’s, BB- by Fitch Ratings and BB- by Standard & Poor’s (S&P); which represents an improvement over the previous ratings.
Placing green bonds implies the issuer’s commitment to carry out sustainable investments. In this regard, the action is aligned with the objectives of CMI Energía contributing to reduce GHG emissions (greenhouse gases), and the decarbonization and diversification of the regional energy network in the countries where it operates. In this way, CMI Energía consolidates its investments in the region, under a solid vision for a sustainable future.
The 4 eligible categories, covered under green bonds, which have been aligned to specific SDGs, are:
On the importance of this issuance for CMI, Mr. Crespo explained: “In the framework of CMI’s 100-year trayectory, CMI Energía has successfully entered the bond markets for the first time, consolidating our strengths as a Latin-American family group of business excellence and constant growth, with knowledge and experience in business operations in the region”.
CMI Energía ratifies its commitment to continue working in every geography where it operates, as it has done for more than 25 years, with the highest quality standards, respect for human rights and a strong commitment to the care, protection and conservation of the environment.
The green bonds and guarantees thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
About Corporación Multi Inversiones -CMI-: Corporación Multi Inversiones is a Latin-American family company that generates investment and employment in the region, made up of more than 40 thousand employees operating in more than 15 countries, particularly in Central America and the Caribbean. Through its Business Groups: Capital and Food, it creates a sustainable impact in the communities where it operates, offering excellence and quality in its products and services, consolidating itself as one of the most important business groups in Latin America. For more information: www.somoscmi.com
About CMI Energía: CMI Energía, is a business division of CMI Capital, which stands out as the largest private renewable energy platform in the region, with a highly diversified portfolio across technologies and geographies, the operating capabilities and track record, and a high and continued commitment to sustainability. With its operation of hydraulic power plants in Guatemala, solar energy plants in El Salvador, Honduras and the Dominican Republic, and wind power plants in Honduras, Nicaragua, and Costa Rica, it exceeds 800 MW of installed capacity. For more information: https://somoscmi.com/es/agrupaciones-de-negocio/cmi-capital
Limitation of Liabilities This release includes forward-looking statements. These forward-looking statements involve risks, uncertainties, and assumptions. CMI assumes no obligation to update or correct the information contained in this press release.
Published:
21 October, 2021
Said award to the hydroelectric that forms a part of Corporación Multi Inversiones is granted among over 250 participants worldwide.
New York, December 7, 2018. On the occasion of the Global Forum that S&P organizes with key players in the energy sector worldwide, the “Corporate Social Responsibility Award - Diversified Program” award was presented yesterday, whose purpose is to reward shared value strategies in the energy sector worldwide.
The award was granted for the comprehensiveness offered by the shared social value strategy that Renace has been developing for seven years in the department of Alta Verapaz, Guatemala. This strategy seeks to support all critical stages of development of the human person through the implementation of 7 programs of sustainable social development, that are linked, coherent and systematic, in 29 Q'eqchi communities that inhabit the Cahabón river basin in the Municipality of San Pedro Carchá.
“The challenge of building large engineering structures in rural, marginalized areas that are mostly indigenous in Guatemala, is immense, but at the same time it is a great opportunity for learning and growth. As an organization, it allowed us to build one of the best-conceived and impressive engineering structures in the country, while simultaneously implementing the best global practices of community relations, promoting the sustainable social development of the area through the construction of critical community infrastructure and the implementation of programs for the integral development of people, and caring for the environment at the same time; all of the above acting with ethical values and cultural relevance. The results today are visible through the positive change in the social indicators of the area such as the reduction of chronic malnutrition, an increase in the quality of education and school permanence, the reduction of teenage pregnancies, among others. The Renace hydroelectric complex and its programs is a sign that companies, the central government, local governments, leaders, communities and the civil sector can work together to change our country,” said Juan Carlos Méndez, General Director of CMI Energía.
This award coincides with another important milestone for Renace because the construction of phase IV and last of the hydroelectric complex was completed during this week, and its construction took approximately 36 months and was under the charge of the Spanish contractor, Grupo Cobra. This phase will inject an additional 55 MW of clean energy into the national system, for the benefit of the competitiveness of the country and all Guatemalans, since it strongly supports the reduction of electricity rates to the final consumer and supports the achievement of Goal # 7 of the Goals of Sustainable Development of the UN, which aims for all of us to have access to clean and sustainable energy.
Enrique Crespo, CEO of CMI Capital pointed out: “At Corporación Multi Inversiones we are convinced that the fourth industrial revolution needs more companies that can add shared value in the area where they operate so that the development of the country may be sustainable for all, where human rights, the protection of natural resources and the advancement in social indicators are our impulse as a society "
About CMI Energía: We are dedicated to the development, design and operation of projects for the generation and commercialization of electricity, primarily with renewable resources, in Central America. It started with a hydroelectric plant in 2009, expanding in the market and diversifying its operations in 2016, with wind and solar energy projects, which currently allows it to have more than 800 MW throughout the region. CMI Energía has a strong commitment to continue investing in all the countries it operates to create jobs and promote long-term development, through a robust Social and Environmental Management strategy; which help to achieve the sustainable development goals
About the Hydroelectric Complex Renace: Hydroelectric generation project consisting of four cascade plants, located on the Cahabón River in San Pedro Carchá, whose activities of shared social and environmental value benefit 21,000 people in 29 Q'eqchi communities.
If you have any questions or comments, please contact us at [email protected]