Grupo Linda is pleased to communicate to the country the strengthening of its strategic alliance with AES Dominicana through a triple operation that ratifies the confidence of both corporate entities in the future of the Dominican Republic and, particularly, in the future of the national electricity industry. Since 2014, AES Dominicana and Grupo Linda have maintained a fruitful presence as a shareholder in AES Dominicana, during which time a learning curve has been achieved regarding the electricity sector and its importance as a companion to the development of the economy. In this sense, it is considered appropriate to take new steps forward as national investors, which are then shared: -Through the signing of a transactional “Buy and Sell” agreement, Grupo Linda acquires the shares of AES Dominicana in Empresa Generadora de Electricidad ITABO, SA (EGE ITABO). -The industrial conglomerate, under the leadership of Mr. Félix García, signs an “Agreement of Intent” to increase its shareholding in AES Dominicana. -Grupo Linda decides to participate as a co-investor, together with its partner AES Dominicana, in the development of a photovoltaic park for the generation of 100 megawatts of solar energy in Guayubín, Montecristi. The completion of this triple operation will represent an investment of close to 300 million dollars. The operation involving the Itabo company will be supported by facilities of the Banco Popular Dominicano and the Banco de Reservas.
Six years ago, the industrial conglomerate led by businessman Félix García entered as a partner of the main energy company in the Dominican Republic, which since then has maintained sustained growth with essential investments for the country, such as the development of the Los Mina Combined Cycle, the Eastern Gas Pipeline, the Bayasol solar park, among others. The agreement establishes that AES Dominicana will continue to lead the operation and maintenance of ITABO, in the same way that it has in the last two decades, under the leadership of Edwin De los Santos as General Manager and an expert management and operations team. for the preservation of its profitability, the excellent labor relations with its human team, with the Haina community and with all the stakeholders of the generating plant.
In a meeting held in the city of Santiago, for the signature, the engineer Félix García, president of the Linda Group, Andrés Gluski, global president and CEO of the AES Corporation (streaming) were present; Juan Ignacio Rubiolo, regional president for Mexico, Central America and the Caribbean (streaming); Edwin De los Santos, president of AES Dominicana, among other executives. Likewise, Christopher Paniagua, Executive President of Banco Popular Dominicano; Emilio Hasbún, member of the Board of Banco de Reservas, Roberto Jiménez, senior general director, specialized Business and Faraday Cepeda, director of Investment Banking of the state bank. During the signing, Mr. Felix García highlighted the new investments in the energy portfolio within the Group’s portfolio as an expression of confidence that national and international investors have in the legal security and business climate that the Dominican Republic has managed to establish. “We believe in the present and in the future of the country and the Dominican electricity industry and we trust to continue growing together with AES in this important sector of the national economy, contributing to the diversification of the generation matrix,” he stressed.