Scotiabank’s commitment to sustainability is not simply a pledge—it is a strategy that has reshaped its role in Latin America’s infrastructure finance market.
Over the past year, the Canadian bank stood at the center of some of the region’s most significant renewable energy and sustainable financings for infrastructure, combining its global reach with local execution to deliver complex, climate-aligned transactions That track record has earned Scotiabank the distinction of Sustainable Infrastructure Bank of the Year.
One of the clearest demonstrations of this leadership came through Scotiabank’s role in three landmark financings in Chile: Quillagua, Victor Jara, and Gabriela, a portfolio known as the “Big Three.” Together, these projects represent 725 MWp of solar capacity and 2.7 GWh of battery storage—one of the largest integrated renewable platforms ever financed in Latin America.
Acting as joint bookrunner, lead arranger and green coordinator, Scotiabank structured over $1 billion in facilities that not only advance Chile’s target of 70% renewable generation by 2030, but also tackle one of the country’s greatest energy challenges: grid curtailment. By embedding large-scale storage, the projects enhance system reliability and directly reduce emissions by more than 146,000 tons annually.
The bank also played a central role in the financing of Estepa I & II, a $510 million solar and battery storage complex sponsored by Atlas Renewable Energy in northern Chile, itself recognized in this year’s awards. Here, Scotiabank’s “one-stop-shop” capability was on full display—providing green structuring, derivatives, letters of credit, and agency services under a compressed timetable. With tailored PPAs backing each phase, the Estepa deal has already become a benchmark for energy transition financing in the region.
In Colombia, Scotiabank spearheaded the $540 million refinancing of Patrimonio Autónomo Caoba, a power transmission platform owned by Cubico and Celsia. With 1,500 kilometers of transmission lines, 85 substations, and two distribution networks, Caoba plays a pivotal role in addressing Colombia’s chronic mismatch between generation and transmission. The refinancing not only strengthened one of the country’s largest transmission platforms but also created an adaptable framework for integrating new assets—ensuring reliability as electricity demand continues to grow.
The bank also acted as lead arranger and green loan coordinator for the refinancing of Centella Transmisión, a Ferrovial subsidiary operating 256 kilometers of transmission lines in Chile. By ensuring compliance with international green loan principles, Scotiabank delivered a structure that refinanced debt, supported pending works, and reinforced the project’s role in enabling renewable energy dispatch across the grid.
Beyond these headline transactions, Scotiabank helped Chilean utility Aguas Andinas issue $160 million in sustainable bonds, structured a $117 million green refinancing of Ferrovial’s transmission assets, and remained active across Mexico, Peru, and Brazil. Its ability to deploy sustainable financing across currencies—including USD, CLP, COP, PEN, and MXN—reflects the bank’s integrated Americas footprint and capacity to connect global capital with local infrastructure needs.
“Over the past year, Latin America has seen a surge in sustainable infrastructure activity, driven by national decarbonization goals, energy transition imperatives, and increasing investor appetite for climate-aligned assets,” says Luis Felipe Irrarazaval Del Campo, managing director and head of corporate banking and capital markets at Scotiabank. He highlights how Chile and Colombia, in particular, have prioritized renewable generation and transmission, creating a pipeline of solar, storage, wind, and grid modernization projects. “Looking ahead, the market should continue to expand, particularly in areas that address structural bottlenecks, such as transmission infrastructure in Colombia and grid curtailment and water solutions in Chile,” he adds.
Scotiabank’s influence extends beyond transactions. In 2024, the bank participated in international working groups on sustainability-linked bonds and impact reporting, while also joining the Global Innovation Lab for Climate Finance to accelerate early-stage climate solutions in emerging markets. This combination of deal execution, market development, and policy alignment has positioned the bank at the forefront of sustainable infrastructure finance not only in Latin America but globally.