Haina Investment Co. LTD

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**A note on the financials:** Since January 2023, HIC reports as an “investment entity” under international accounting rules (IFRS 10). It no longer publishes consolidated revenue from power sales; instead, its income is the dividends it receives from subsidiaries plus changes in the fair-market value of those holdings. In 2024, the company received dividends of US$15 million, a fall of 47% from US$28.5 million in 2023, because its main subsidiary cut distributions during a heavy investment period. The net profit figure above (≈US$27.2M, our calculation) includes a fair-value revaluation gain on top of those dividends, derived from the change in retained earnings shown in the audited balance sheet.

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What it is

HIC is a holding company dedicated to managing entities in the electricity and fuel sectors; it currently holds stakes in Empresa Generadora de Electricidad Haina, S.A. (EGE Haina) and HIC Termoyopal Holdings (Grupo Termoyopal).

EGE Haina is the largest private electricity generator in the Dominican Republic, with 13 plants and a total installed capacity of 1,203 MW; Termoyopal is a 186-MW natural-gas plant in Colombia, the most dispatched gas plant in that country. Together, the two assets give HIC command over 1,389 MW of generating capacity across two countries.

HIC does not own EGE Haina directly: in November 2023 it contributed those shares to an energy-infrastructure closed-end investment fund (FICDIE I), and at December 2024 held 84.64% of that fund, whose primary asset is the 50% stake in EGE Haina.

By December 2024, renewable sources represented 39.5% of EGE Haina’s installed capacity, up sharply from prior years, as the subsidiary executed a strategy targeting 1,000 MW of renewable capacity by 2030.

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Who owns it

The two shareholders of HIC are Haina Energy Holdings II, with 75.59% of the shares, and the Banco Central de la República Dominicana, with the remaining 24.41%.

The ultimate controller of Haina Energy Holdings II is NOLA Fund, managed by Inicia, a private asset-management firm. There is no listed free float — HIC’s shares are not traded; only its bonds are available to public investors.

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Who runs it

Luis Mejía Brache serves as a director and vice-president of Haina Investment Co., Ltd. José A. Rodríguez Silvestre is the general manager (CEO equivalent) of EGE Haina, the main operating subsidiary.

The name of HIC’s own chief executive or chair of its board of directors is not disclosed in available sources; governance of the holding runs through its board of directors, with PricewaterhouseCoopers República Dominicana serving as external auditor.

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The money, in plain words

At December 2024, HIC’s total assets reached US$686.76 million, a rise of US$26.94 million (4.1%) from the prior year, driven mainly by the revaluation of its financial investments, which stand at US$668.7 million and represent 97% of all assets.

The company is lightly indebted: at December 2024, the ratio of total liabilities to equity stood at 0.16 times, and liabilities to total assets at 0.14 times — meaning for every dollar of assets, only 14 cents is owed to creditors, a conservative structure for an infrastructure holding.

Financial debt totalled US$87.1 million: US$65 million in local bonds placed on the BVRD, and US$22.5 million in bank loans. Debt coverage tightened in 2024: the ratio of net financial debt to dividends received (Ebitda proxy) reached 5.4 times, against 3.1 times in 2023, as distributions from subsidiaries fell sharply during the investment phase.

EGE Haina, the main underlying asset, grew its own operating cash generation (Ebitda) from US$101 million to US$151 million between 2020 and 2024, while installed capacity doubled from 679 MW to 1,203 MW over the same period. That asset-level strength is what underpins HIC’s A+ credit rating.

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What it is doing now

During 2024, HIC placed the fifth, sixth, and seventh tranches of its US$105 million rotating bond programme, raising US$25 million, partly to refinance investments made in the Manzanillo Gas & Power project. Manzanillo is expected to enter operations in 2028 and consists of a combined-cycle power plant and a natural gas terminal in Monte Cristi province.

Feller Rate expects HIC’s coverage ratios to begin recovering in 2026 — even before Manzanillo comes online — as the pressure from the current investment cycle eases and EGE Haina resumes fuller dividend distributions.

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What to watch

• Manzanillo timeline: the 420-MW combined-cycle plant is the biggest single growth catalyst; any delay beyond 2028 would keep debt-coverage ratios under pressure.
• Dividend flow from EGE Haina: HIC depends on dividends from FICDIE I and Termoyopal; its cash generation follows their performance and actual distributions.
• Dominican sovereign rating: EGE Haina holds a BB / Positive international credit rating, and rating agencies have signalled that an upgrade of the Dominican Republic’s sovereign ceiling could lift EGE Haina’s rating in turn.
• Renewables share: EGE Haina’s PPA contracts (long-term energy sales agreements) covered nearly 80% of revenues in 2024; as more renewables enter the mix, re-contracting risk and fuel-cost volatility both fall.
• Distributor payment discipline: The Dominican distribution companies have a history of arrears to generators; the government’s finance ministry has assumed control of those accounts and is now current on payments, but this structural risk bears watching.

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This is news, not investment advice.