Blue Elephant Energy controls majority stakes of 116 MW Carribean solar project

Blue Elephant Energy AG (BEE) has completed its acquisition of a majority stake in the Montecristi solar park in the Dominican Republic in the Caribbean.

Watson Farley & Williams (WFW) has advised BEE on the transaction. The seller was F&S solar concept GmbH, who remains a partner and stakeholder in the project going forward.

Project finance for the construction of the park was made available to BEE by a consortium of European development banks led by Cologne-based DEG – Deutsche Investitions- und Entwicklungsgesellschaft, and also including Belgium’s BIO and the Netherlands’ FMO.

The 116 MW solar photovoltaic power plant is located in Guayubin, in the north-west of the Dominican Republic. The facility will be installed in two 58 MW phases, together with expected power to around 100,000 households.

The first phase consists of 215,000 modules and can generate up to 103,000 MWh annually. It was completed in July 2018. The second and final phase is to be completed in 2020. A power purchase agreement (PPA) has been concluded to market the electricity generated by the project with a state-owned offtaker.