Tombstone for NuCuraçao Windparken II and Aspiravi

Willemstad – CIBC FirstCaribbean marked its commitment to supporting the development of non-conventional renewable energy in the region when a commemorative tombstone was handed over to Mr. Roy Kolader and Mr. Rik Van de Walle, Managing Directors of NuCuraçao Windparken II B.V., a joint venture of NuCapital Inc. and Aspiravi Antillen N.V.

The tombstone was handed over as a token of being the proud lead arranger, lender and security agent for the recently started expansion of the wind farm Tera Kora with a new 16.5 MW capacity. The project represents an investment of US$36 million and is scheduled to be finished by July of this year. Curaçao will become second only to Denmark, when it comes to non-conventional renewable energy in the world.

The project represents a huge step towards the commitment by the Curaçao Government and Aqualectra to source no less than fifty per cent of its energy from renewable sources. With the planned addition of utility-scale solar power in the next couple of years, Curaçao will reach its target benchmark of fifty per cent way before the planned year 2030.

The financing of such sustainable projects in Curaçao is not something new to the bank. CIBC FirstCaribbean has also participated in the financing of the first wind farm NuCuraçao Windparken B.V. in Curaçao, also a joint venture of NuCapital Inc. and Aspiravi Antillen N.V..

The original wind farm at Tera Kora was built in 1993 by Aqualectra. It was repowered in 2012 by NuCuraçao Windparken B.V. The present expansion deploys five new Vestas V-117 3.3 MW turbines.

With the financing of this sustainable project, CIBC FirstCaribbean lives up to its promise and commitment to add value to the community through financing of such projects.