Blue Elephant AG acquired the majority stake in the 116MW Montecristi solar power project in the Dominican Republic.
The company’s legal adviser, international law firm Watson Farley & Williams, announced last week the project had been acquired from F&S Solar Concept GmbH. F&S is a solar farm builder which now remains on the project as a partner and part-stakeholder.
One part of the solar park – 58MW – was already brought online in July 2018. A state-owned entity holds the power purchase agreement for the energy output of the solar farm.
Three European development banks, from Germany, Belgium and the Netherlands, provided a project finance loan for the construction of the project.
With solar panels spanning over 200 hectares, Montecristi will be the Caribbean’s largest solar farm once construction is completed.