Germany's DEG arranges loan for solar farm in Dominican Republic
The Montecristi Solar power plant in Guayubin, Dominican Republic. Author: PresidenciaRD. License: Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0)
German development finance institution DEG, a subsidiary of KfW, on Thursday said it has arranged a USD-62-million (EUR 53m) long-term loan for the biggest solar farm in the Caribbean, a 116-MW plant in the Dominican Republic.
The loan will fund the development of the Montecristi solar farm, whose first phase of 58 MW has recently been completed. The entire 116-MW facility is due to be completed in the summer of 2019. Once fully up and running, the solar park will provide electricity to around 100,000 households, GEG, or Deutsche Investitions- und Entwicklungsgesellschaft mbH, said. The electricity produced will be supplied to the state grid under a 20-year power purchase agreement (PPA).
German company F&S Solar is both project developer and investor.
DEG contributed around USD 20 million to the financing, which was provided together with Dutch development bank FMO and Belgian development bank BIO.