May 10 (Renewables Now) - German renewables developer Blue Elephant Energy AG (BEE) has acquired a majority stake in the 116-MW Montecristi solar project in the Dominican Republic, its legal adviser Watson Farley & Williams (WFW) informed on Thursday.
The vendor was F&S solar concept GmbH, a German solar farm builder who will remain on the project as a partner and stakeholder.
The first 58-MW of the project was brought online in July 2018. Later in October, the Dominican Republic's National Energy Commission (CNE) approved the expansion to 116 MW. A state-owned off-taker has signed a power purchase agreement (PPA) for the output of Montecristi.
Spanning over 200 hectares, Montecristi will be the largest solar farm in the Caribbean once the construction is completed.
A trio of European development banks, Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Belgium’s BIO and the Netherlands’ FMO, have provided a project finance loan for the construction of the farm.