July 27 (Renewables Now) - 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.
(USD 1 = EUR 0.858)