IDB Invest will provide long-term financing of up to COP$180,000 million (approximately $45 million) with an 8-year tenor to Air-e, a company dedicated to the provision of energy distribution and commercialization services in the northern Colombian region.

The loan supports the execution of Air-e's investment plan, with the aim of improving the efficiency of the electrical network and the provision of service in 39 of the 57 municipalities served by Air-e in the departments of La Guajira, Atlántico and Magdalena. This is another example of IDB Invest's support for the energy sector in Colombia.

The project promoted by IDB Invest aims to guarantee the provision of an efficient, quality and sustainable service in the long term to an approximate total of 1.3 million users. The reduction in the frequency and duration of electrical service interruptions and the reduction in electrical losses in the system positively impact basic dimensions of the most vulnerable population served, such as health, work and education. It also generates efficiencies in costs and competitiveness of companies in this area of the country.

IDB Invest's financing plays a countercyclical role in the local market and is expected to have a high demonstration effect for potential new financiers, allowing for continued improvement of electricity distribution networks in the Colombian Caribbean region.

As part of the agreement, IDB Invest will prepare, together with Air-e, a diagnosis under the framework of equity, diversity and gender equality (“EDGE”) and will promote the adoption of best practices in gender equality policies, as well as environmental management. and social, focused on the protection and conservation of biodiversity, and promoting the participation of interest groups.

The operation contributes to the following United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 7), Decent Work and Economic Growth (SDG 8) and Industry, Innovation and Infrastructure (SDG 9).

About IDB Invest 

IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About Air-e  

Air-e S.A.S E.S.P. It began operations in October 2020 and is the private company dedicated to providing energy distribution and marketing services in the departments of La Guajira, Atlántico and Magdalena, on the northern Colombian coast. Air-e is the third distributor in the country by number of users, serving 1.3 million users with a market share of 11.3%. Air-e serves more than 5 million people by connecting energy as a vital element for progress and well-being, faithful to its purpose of “Making everyone's life better every day.”