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.
Country updates
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July 20, 2018
F&S Solar Concept completes 58 MW solar project in the Dominican Republic
F&S Solar has announced the opening of the largest solar power plant in the Caribbean, the 58 MW Montecristi solar park. Located in the north-west of the Dominican Republic, near the Haitian...
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July 16, 2018
Dominican Republic to replace PPAs with concessions for renewable projects
The Dominican Republic's Minister of Energy and Mines has announced that it is changing the way that renewable projects are developed in the country. Instead of awarding PPAs to pro...
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July 02, 2018
Vestas to build wind project in Puerto Plata under EPC deal
Vestas Wind Systems is set to build the 48 MW wind park located in Puerto Plata region, the Dominican Republic under an engineering, procurement and construction (EPC) deal from RGE. V...
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April 26, 2018
FMO and DEG finance solar project in the Dominican Republic
Neo Solar Power Corporation (NSP) has announced that its subsidiary, General Energy Solutions Inc. (GES), has secured a 16-year US$38 million long-term financing from the Netherlands' De...
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March 08, 2018
The construction of the first phase has been started
The construction of the first phase has been started. The first of two 25 MW phases is to be up and running in a year. Some USD 40 million (EUR 32.2m) would be invested in the first phase of the PV fa...
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