MPC Caribbean Clean Energy Fund has financially closed Phase II of Monte Plata solar park in the Dominican Republic.
The Phase II attracted a project finance loan from Dutch development finance institution FMO, Panamanian financial institution and asset manager CIFI and the CIFI Sustainable Infrastructure Debt Fund.
MPC Caribbean Clean Energy Fund indirectly holds an approximately 36% asset share in the project.
The Monte Plata solar park, which currently sells all its generated power under a 20-year PPA to the state-owned Dominican Corporation of State Electrical Companies, was the first utility-scale power station in the Dominican Republic and the largest project of its kind in the Caribbean at the time of commissioning in 2016, says MPC.
The project has undergone expansion in Phase II, reaching an installed solar PV capacity of 75.6 MW. This expansion involved securing a new 15-year PPA for an additional 42.2 MW of capacity.
“Over its operational lifespan, the expanded solar park is poised to mitigate the production of nearly 1.5 million tons of CO2 during the life span of 20 years,” says Gözde Kurusoy, MPC’s director of project finance. “The financial closure of Phase II underscores MPC Caribbean Clean Energy Fund’s commitment to the Dominican Republic, fostering economic growth, supporting the transition to a low-carbon economy, and driving positive community and social impact.”
The COD of Phase II is projected to occur in the fourth quarter of next year.