Solar power for the Carribbean
Developing and emerging-market countries are often highly dependent on fossil fuels - this also holds true for the Dominican Republic. Yet the conditions are ideal for year-round production of solar power.
The Montecristi solar farm will make an important contribution towards the development of a sustainable energy supply. In 2018 the first phase of the solar farm, located in the north-west of the Dominican Republic, was connected to the grid with a capacity of 58 MW. Completion of the entire 116 MW plant is already scheduled for summer 2019. It will then be providing environmentally friendly electric power to around 100,000 households, while eliminating 108,000 tonnes of CO2 emissions.
Under a Power Purchase Agreement (PPA), the electricity generated by the plant will be fed into the state grid for 20 years.
DEG arranges a long-term loan of approximately USD 62 million for the operating company Montecristi Solar FV S.A.S. to fund the development of the solar farm. DEG's own share amounts to around USD 20 million. Other lenders include the Dutch FMO and BIO from Belgium. Euskirchen-based F&S Solar is involved both as project developer and investor.