DEG announces financing for 116 MW solar project in the Dominican Republic

DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH) has announced that it has arranged  a long-term loan of approximately US$62 million for the project company Montecristi Solar FV S.A.S. (Montecristi) to fund the development of a 116 MW solar farm in the Dominican Republic.

DEG's own share amounted to around US$20 million. The funding was provided together with the Dutch development bank FMO and the Belgian development bank BIO. Euskirchen-based F&S Solar is involved both as project developer and investor.

The first phase of the 58 MW capacity Montecristi solar farm, located in the north-west of the Dominican Republic, has now been opened. Completion of the entire 116 MW plant is scheduled for summer 2019, by which time it will be providing environmentally friendly electric power to around 100,000 households whilst eliminating around 108,000 tonnes of CO2 emissions each year.

Under a Power Purchase Agreement (PPA), the electricity generated by the plant will be fed into the state grid for 20 years.