A dozen international and local banks played a role in the USD 1.067bn financing of the Manzanillo Gas & Power (MG&P) project, officials said.

The deal, which marked the largest financing in the Dominican Republic, includes USD 902m in senior debt and USD 165m in senior-secured letter of credit facilities.

Citi and JPMorgan acted as joint lead arrangers, while CAF and IDB Invest participated as development finance institution (DFI) lenders. The group of senior mandated lead arrangers includes Banco Popular Dominicano, Banco Reservas, Bladex, Bancolombia, Scotiabank, Inbursa, and Banco General.

Global Bank participated as mandated lead arranger. The banks covered 56% of the project costs, MG&P officials told this publication. The remaining 44% of project costs is covered by equity from the sponsors, “reflecting a balanced capital structure aligned with international project finance standards,” the MG&P officials said.

Astris served as sole financial advisor on the senior financing package.

The financing, which covers the entirety of the project, pays for two coordinated but independently structured projects — Manzanillo Gas & Power (Block 1) and Consorcio Manzanillo Energy (Block 2) — which together will add roughly 800 MW-840 MW of combined cycle gas turbine (CCGT) capacity to the Dominican grid, along with an LNG import, storage, and regasification terminal. When completed in 2028, the projects will increase the country’s installed capacity by more than 15% and are expected to supply about one-quarter of national electricity demand.

Block 1 includes a maritime terminal for LNG reception and storage plus a 430 MW CCGT plant, with a total investment of about USD 1bn. Block 2 consists of a second 430 MW gas-fired plant with a capex of approximately USD 603m. Together, both blocks are being developed under a unified construction and financing strategy to optimize operational efficiency, risk management, and delivery schedules.

The LNG infrastructure includes a permanently moored Floating Storage and Regasification Unit (FSRU) and a Floating Storage Unit (FSU), both integral to supplying the plants. The complex also features a gas pipeline interconnection and a 345 kV transmission line to feed electricity into the national grid (SENI).

As of now, MG&P said construction is approximately 40% complete, with more than USD 527m already invested.

Project sponsors for Block 1 include Haina Investment Company (HIC), ENERLA, and Shell. Block 2 is backed by Coastal Dominicana, Manzanillo Energy, and Lindsayca, all under a common Dominican holding structure that consolidates ownership while maintaining separate economic and operational participation by block.

IDB Invest noted that the project strengthens the Dominican Republic’s energy security by adding a second LNG import terminal — strategically located on the hurricane-sheltered northern coast — and by enabling the displacement of more expensive, higher emission fuel oil and diesel generation.

Bladex confirmed that it participated in the transaction.

The remaining banks did not respond to requests for comment.