Solar and wind projects secure financing in 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. The Monte Plata solar plant will expand capacity from its current 30 MW (commissioned in September 2016) to 69 MW. Once operational, it will be the largest solar plant in the Caribbean. A 50 MW wind farm is also being developed (with plans to expand to 200 MW in later development phases), costing about $87m, expected to be commissioned in May 2019.

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 solar project. The Monte Plata plant has a 20 year PPA with nataion utility CDEEE. 

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, to develop the 50 MW Agua Clara wind farm, a source close to this transaction said. The Agua Clara Wind Farm also has a 20 year PPA with CDEEE.