- More than 24,500 new luminaires will shine on the streets of the island of Saint Lucia.
- 970 CCTV cameras will help protect the island.
On March 20th, CIFI Latam, S.A. disbursed a loan of up to US$7.5 million in senior debt and US$1.1 million in subordinated debt KLED Capital Limited; the CIFI project finance supports KLED’s financing of the street lighting and CCTV cameras projects in partnership with the Government of Saint Lucia.
The Government of Saint Lucia has partnered with KLED to organize the replacement of all the island’s sodium streetlights and the installation of a CCTV camera network throughout the island of Saint Lucia. The projects involve the following components.
- Replacement of 18,150 70W sodium streetlights in residential areas and 3,850 250W sodium streetlights on the main highways with energy efficient LED streetlights, totaling 22,000 luminaires.
- Installation of an additional 2,496 LED luminaires and 144 LED tunnel luminaires
- 65,000 meters of optic fiber cable
- Installation of 970 video surveillance cameras in 230 locations throughout the island.
Ricardo Mesa, Investment Officer at CIFI, mentioned: “I am very proud to have led the first CIFI transaction in Saint Lucia. CIFI was very keen to support KLED Group with the Structuring and Financing of these important projects for modernizing public lighting and installing a state-of-the-art network throughout the island. This financing ratifies CIFI’s commitment to the region and its focus on projects that contribute to sustainability and represent societal improvements.”
The KLED projects have great merit and will provide environmental and social benefits to Saint Lucia:
- Significant reduction in street lighting energy consumption by approximately 70%.
- 30% more light on the highways and residential roads
- Greenhouse gas emissions savings of approximately 5,000tCO2/year
- Significantly reducing the amount of oil imported into Saint Lucia
- Reducing the prevalence of crime throughout the island; and
- Job creation.
KLED Group Chief Executive Richard Burdon said. “We are delighted to undertake these projects in partnership with CIFI and the Government of Saint Lucia for the benefit of every Saint Lucian citizen. While we have operated extensively in Europe, these are KLED’s first projects in the Caribbean. CIFI Latam’s project finance is crucial for successfully delivering these nationally important projects. CIFI’s financial engineering and structuring support has been invaluable.”
The island-wide streetlight and CCTV projects are funded entirely by KLED’s capital made up of KLED’s investment and CIFI Latam’s project finance. The Government is paying for the island-wide street light modernization and CCTV projects entirely out of the energy savings derived from KLED streetlights.
This project is an important initiative consistent with CIFI’s ongoing climate change policies. It is also compatible with that of the Government of Saint Lucia, demonstrating the commitment of all parties to increase energy efficiency to reduce the country’s carbon footprint.
CIFI is the most experienced non-bank financial institution in infrastructure and energy financing in Latin America and the Caribbean. Created in 2001, the company has analyzed over 600 projects, participated in more than 200 transactions worth more than US$1.8 billion, and has over US$20 billion in mobilized capital. CIFI has become a leading participant in the trend toward sustainable infrastructure projects in Latin America and the region’s overall economic development.
KLED is a smart city solutions provider established in 2015, with professionals in China, Ireland, Italy, the UK, and more recently, Saint Lucia. KLED provides solutions to industrial and corporate clients, tendering to Central Governments and public authorities for smart city concessions. In 2016, KLED began bidding for large-scale street lighting projects in Ireland, Italy, and the Caribbean. KLED has participated in smart city tenders for financing, designing, engineering, and operating over one million street light luminaires in Ireland, Italy, and the Caribbean.