116MW Dominican Republic solar project acquired by German renewables developer

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.