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GAM Capital buys stake in Akuo's 50-MW wind farm in Dominican Republic

Beach in the Dominican Republic. Photo by: Antonio Castagna. License: Creative Commons. Attribution 2.0 Generic.

December 20 (Renewables Now) - Investment fund manager GAM Capital has acquired an equity stake in the 50-MW Parques Eolicos del Caribe SA (Pecasa) located in the province of Monte Cristi in the Dominican Republic.

Financial details and the size of the stake have not been made public.

The Dominican investment firm announced on Thursday it had signed an agreement to purchase a stake in Akuo Energy Dominicana SRL, the sole owner of the Pecasa wind farm.

GAM closed the transaction through its closed-end fund GAM Energia, which has now joined Akuo and Siemens Financial Services as a partner in the wind farm.

The Pecasa wind farm has been in operation since June 2019. With its 25 turbines and 50 MW of capacity, it is one of the largest renewable energy projects in the Dominican Republic.

Early last year, France's Akuo Energy obtained a USD-80-million (EUR 72m) financing package lead by the International Finance Corp (IFC), with contributions from the government of Canada through the IFC-Canada Climate Change Programme, the Dutch Development Bank (FMO), Proparco, a subsidiary of French development agency Agence Francaise de Developpement (AFD) and the German Investment Corporation (DEG).

(USD 1.0 = EUR 0.9)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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