CIBC FirstCaribbean has been named recipient of the award for Best Renewable Energy Financing in the 2022 CREF Industry Awards.

CIBC FirstCaribbean was awarded when they attended the Caribbean Renewable Energy Forum, CREF, at its 14th session in Miami, Florida, recently.

The forum returned to its first in-person gathering where over 25 countries, including regional stakeholders, were in attendance for the April 26-28 caucus.

The Bank was recognised for its innovation and leadership in corporate financing of key initiatives in the renewable energy sector.

Between 2020-2021, the bank spearheaded the refinancing of project portfolios of two major renewable energy players in the Caribbean: BMR Energy, a developer of wind and solar photo-voltaic, PV, assets in multiple territories of the region and Central America; and WRB Energy, an investor in the largest utility-scale solar PV plant in Jamaica.

In so doing, the bank continued to express its confidence in the sector by demonstrating that regional financial institutions are at the table to support the region’s energy transition and emphasise that renewable energy investments can access financing options within the region to accelerate this transition.

Chief Executive Officer, Colette Delaney observed that the bank’s commitment over the period for which the award was adjudicated, represents a departure from the historical construct where extra-regional development banks have been the main financiers of renewable energy projects within the region.

She says renewable energy developers now understand that the bank’s support for projects in the sector means that there’s more than a single pathway to financing their projects in the region.