Renewable energy advances in the Dominican Republic

Wind Turbine. Image: Fion

Funding has been secured for two renewable energy projects in the Dominican Republic:

Two renewable energy project developers in the Dominican Republic advanced financing plans this week, securing debt for solar and wind-powered projects on the Caribbean island.

Taiwanese General Energy Solutions, or GES, secured $38m in 15-year debt from development banks DEG and FMO, according to a source familiar with the project.

Proceeds the German and Dutch development agencies will be on-lent to the renewable power developer’s local subsidiary Electronic JRC, which will use proceeds to increase capacity of the Monte Plata solar plant to 69 MW from 30 MW.

The original 30 MW was commissioned back in September 2016.

Meanwhile, in the island’s Monte Cristi province, IC Power DR Operations, the Dominican subsidiary of Inkia Energy, netted a 4.5-year $73.5m loan from Citi.

Bermuda-based unit Inkia Americas Ltd. is guaranteeing the facility, which will go towards developing the 50 MW Agua Clara wind farm, a source close to this transaction said.

Agua Clara has a 20-year PPA with CDEEE and includes a clause to increase the plant’s capacity to 200 MW in later development phases. The first phase of the project costs about $87m and commercial operations are slated to start in May 2019.

Read more about the deals at LatinFinance.


[Image: Fiona]

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Minesto Deep Green. Image: via Minesto
Government of Antigua and Barbuda signs ocean energy MoU

Media release — Swedish marine energy developer Minesto has signed a Memorandum of Understanding with the Government of Antigua and Barbuda. Through a feasibility study, facilitated by the United Nations Office for Project Services, the parties will explore the possibilities of supplying the Eastern Caribbean with renewable ocean energy by Minesto’s technology. Minesto …

Solar panels. Image credit: Pete Jelliffe
UAE funds renewable energy projects in Saint Lucia

The government of Saint Lucia will be embarking on several renewable energy projects with financial support from the second funding cycle of the United Arab Emirates-Caribbean Renewable Energy Fund. Projects will include installation of photo-voltaic electricity generation systems at two schools, construction of a solar-powered charging station for electric vehicles …

Wind turbine. Image: John McIntyre.
Guyana explores wind power potential

The government of Guyana, with support from the Global Environment Facility and the Inter-American Development Bank, is exploring the potential for wind power generation along the country’s Atlantic coast: The Ministry of Public Infrastructure (MOPI) has begun installing four wind measurement stations along the Atlantic Coast at a cost of …