MPC Caribbean Clear Vitality Fund has financially closed Part II of Monte Plata photo voltaic park within the Dominican Republic.
The Part II attracted a venture finance mortgage from Dutch growth finance establishment FMO, Panamanian monetary establishment and asset supervisor CIFI and the CIFI Sustainable Infrastructure Debt Fund.
MPC Caribbean Clear Vitality Fund not directly holds an roughly 36% asset share within the venture.
The Monte Plata photo voltaic park, which at the moment sells all its generated energy below a 20-year PPA to the state-owned Dominican Company of State Electrical Corporations, was the primary utility-scale energy station within the Dominican Republic and the biggest venture of its type within the Caribbean on the time of commissioning in 2016, says MPC.
The venture has undergone enlargement in Part II, reaching an put in photo voltaic PV capability of 75.6 MW. This enlargement concerned securing a brand new 15-year PPA for a further 42.2 MW of capability.
“Over its operational lifespan, the expanded photo voltaic park is poised to mitigate the manufacturing of practically 1.5 million tons of CO2 in the course of the life span of 20 years,” says Gözde Kurusoy, MPC’s director of venture finance. “The monetary closure of Part II underscores MPC Caribbean Clear Vitality Fund’s dedication to the Dominican Republic, fostering financial progress, supporting the transition to a low-carbon financial system, and driving constructive neighborhood and social affect.”
The COD of Part II is projected to happen within the fourth quarter of subsequent yr.
