MPC Caribbean Clean Energy Fund LLC announced the financial close of Phase II of Monte Plata solar park in the Dominican Republic. The Phase II attracted a project finance loan from the Dutch development finance institution FMO; the Panamanian financial institution and asset manager CIFI; and the CIFI Sustainable Infrastructure Debt Fund, which channels resources toward sustainable infrastructure development in Latin America and the Caribbean.
MPC Caribbean Clean Energy Fund (the Investment Company of the regionally publicly listed MPC Caribbean Clean Energy Limited) indirectly holds a shareholding of approximately 36% in the asset.
The Monte Plata solar park, which currently sells all its generated power under a 20-year US-dollar denominated PPA to the state-owned Dominican Corporation of State Electrical Companies, was the first utility-scale power station in the Dominican Republic and was also the largest project of its kind in the Caribbean at the time of commissioning in 2016.
In Phase II, the project has undergone significant expansion, reaching an installed solar PV capacity of 75.6 MWp. This expansion involved securing a new 15-year US-dollar denominated PPA for an additional 42.2 MWp of solar PV capacity. The commissioning and commercialization of this expanded capacity are anticipated to yield a combined annual energy production of approximately 116,000 MWh. The COD of Phase II is projected to occur in the fourth quarter of 2024.
Gözde Kurusoy, Director Project Finance at MPC, expressed, “Over its operational lifespan, the expanded solar park is poised to mitigate the production of nearly 1.5million tonnes of CO2 during the life span of 20 years. 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.”
