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.