Consorcio Energético Punta Cana-Macao (CEPM)

—

What it is

Consorcio Energético Punta Cana-Macao, S.A. (CEPM), together with its subsidiary Compañía de Electricidad de Bayahibe (CEB), generates, distributes, and sells electricity in the east of the Dominican Republic. Think of it as a city-in-itself power company: it runs its own grid, entirely separate from the national system.

Through 1,900 kilometres of high-, medium- and low-voltage transmission lines, the company provides energy to 65% of the national tourism sector — over 55,000 hotel rooms — and to more than 70,000 residential and business customers. Its installed capacity stands at 602 MW, drawing on a mix of gas, solar, wind, and heavy-fuel-oil generation.

CEPM also owns 80% of Servicios TV Satélite, S.R.L. (“MCR”), a telecoms company in Bávaro that supplies pay-TV, internet, and fixed telephony through its fibre network and telecoms licence under the Activa brand.

—

Who owns it

CEPM is a subsidiary of InterEnergy Utilities, S.L., registered in the Commercial Registry of Madrid, Spain. InterEnergy Utilities holds 99.9999% of CEPM’s total shares, with Luis Rolando González-Bunster holding a nominal residual fraction.

The company is, in effect, wholly privately owned — the BVRD listing covers bonds only, not equity stakes.

Rolando González Bunster is president and founder of InterEnergy Group, the ultimate parent of CEPM. CEPM was originally established by González Bunster and his partners in 1992 to provide 2 MW of power to the Fiesta Hotel in Bávaro — a two-megawatt idea that has grown into a 602 MW regional utility over three decades.

—

Who runs it

Oscar San Martín, who has worked with CEPM for more than ten years, currently serves as General Manager. Marcelo Aicardi, Chief Operating Officer of InterEnergy Group, oversees operations across all markets; San Martín was appointed country manager for the Dominican Republic alongside his role as CEPM’s general manager as part of a leadership transition in February 2026.

Roberto Herrera, who led CEPM’s operations for more than 27 years, stepped back from executive duties in February 2026 and now serves as a strategic adviser to InterEnergy’s presidency and board. CEPM was incorporated on 13 December 1991 under Dominican law and is registered with the BVRD as a securities issuer, regulated by the Superintendencia del Mercado de Valores de la República Dominicana.

—

The money, in plain words

In the year to 31 December 2024, CEPM recorded total operating revenue of USD 361.64 million — up USD 18.94 million, or 5.52%, from USD 342.71 million the year before — driven mainly by electricity sales. Revenue is almost entirely in US dollars, because customer contracts are indexed to fuel costs and denominated in hard currency; this insulates the company from Dominican-peso swings in a way few regional utilities can match.

Independent credit raters note that CEPM achieved “comfortable levels” in its coverage and profitability indicators and maintained low indebtedness and adequate liquidity. At year-end 2024, total-debt-to-equity (financial leverage) sat at 1.17 times, and the ratio of financial debt alone to assets at 0.54 times — a balance sheet that carries debt but is not strained by it.

Credit rating agency Feller Rate has assigned CEPM a rating of “AA+” for its corporate bonds — two programmes totalling up to USD 123 million — the second-highest possible grade, reflecting a business that, raters believe, will pay every coupon and repay principal on time. At mid-2024, the operating cash margin (EBITDA margin) stood at around 30%, a level that leaves solid room to service debt and fund expansion.

—

What it is doing now

In November 2025, CEPM issued a notification to bondholders of its first SIVEM-091 bond programme regarding the launch of a new bond programme, SIVEM-182 — signalling it is tapping the capital market for fresh long-term funding to finance its expansion. At COP 26, (US$0.44)CEPM announced the “CEPM Zero” programme, which aims to achieve carbon neutrality this decade.

The programme targets 100% renewable generation, using wind, solar, battery storage and green hydrogen; CEPM aimed for 30% renewable penetration by 2024–25, 60% by 2026–28, and full neutrality by the end of the decade. InterEnergy Group’s total committed investment in the Dominican Republic, once CEPM Zero is complete, is projected to exceed USD 2.5 billion.

—

What to watch

• Fuel-price exposure. The rating reflects CEPM’s dependence on tourism demand, exposure to fuel-price volatility, and reliance on energy purchases from local suppliers — risks that move with global oil markets, not Dominican policy.
• The green transition clock. CEPM aims to become one of the first zero-emission, 100% renewable electricity companies in the world — a bold target that will need sustained capital deployment and regulatory co-operation to meet.
• Bond maturities. Short-term financial liabilities were around USD 18.2 million at mid-2024, and the new SIVEM-182 programme adds refinancing complexity; bondholders should track rollover conditions closely.
• Leadership transition. February 2026 brought new country management; execution of the billion-dollar CEPM Zero programme under a fresh leadership team is the near-term operational test.

—

This is news, not investment advice.