IDB Invest, Scotiabank Panama and ENSA sign financing to increase access to electricity


News from Panama / Friday, July 21st, 2023

A loan for US$100 million was granted to ENSA Grupo EPM (Elektra Noreste S.A.), part of IDB Invest and Scotiabank Panama, to increase access to electricity, especially to communities that lack this service in rural areas.

This project includes a financial package of US$50 million from IDB Invest and US$50 million from Scotiabank Panama, and will serve to support the investment plan aimed at modernizing and expanding the electricity networks in the ENSA concession area, which was signed during the PPP Americas 2023.

The project will improve and expand electrical services to rural and urban areas of the ENSA concession area, benefiting more than 35,000 users, of which about 5,000 lack access to electricity.

In this sense, Jordan Schwartz, Executive Vice President of the IDB Group, stressed that supporting the development of infrastructure services and increasing electricity service, mainly in rural communities and vulnerable populations, is part of IDB Invest’s commitment.

Likewise, the project will support ENSA in the digitization of its electricity network by incorporating

new technologies that will allow the company to achieve a more efficient distribution network and the deployment of smart and prepaid meters.

In this regard, Daniel Arango, Executive President of ENSA pointed out that the main objective of this financing is to continue with the execution of the company’s investment plan that focuses on bringing the electric light service to the most remote communities within its concession area.

“Continue moving forward with the public lighting plan, expand the network of smart meters and prepaid, in addition to other actions that have the firm purpose of continuing to guarantee a quality service to all our customers,” Arango said.

On the other hand, Soledad Rovira, General Manager of Scotiabank, stressed the importance of being able to be part of a social and sustainable initiative that will bring great benefits to the population in terms of access to basic services and improvement in the quality of life.

“This agreement is an example of the sustainable approach that the bank has and that made us worthy this year of 5 recognitions from Global Finance magazine for our participation in financing and issuance of sustainable bonds,” Rovira said.