AES Dominicana has raised US$368 million in a loan facility that will be used to finance renewable energy projects in the Dominican Republic.
The company, the local arm of energy giant AES, will build three new projects, Mirasol, Peravia I and Peravia II, which will have a combined capacity of 240MWac, which AES expects to commission by the end of next year. Part of the funding will go towards refinancing the debt accrued by a portfolio of one wind project and two solar projects in the country, with a combined capacity of 150MWac.
Multinational bank Banco Latinoamericano de Comercio Exterior (Bladex) served as the joint lead arranger and bookrunner for the loan facility, and worked with the Inter-American Development Bank, JP Morgan and Scotiabank to raise the funds.
“Bladex is very pleased to support AES renewable energy’s endeavours in the Dominican Republic," said Ivan Nuñez, head of infrastructure and project finance at Bladex. "This transaction underlines Bladex’s project finance execution capabilities, the strong relationship with a leading global power generation and distribution player and, overall, our appetite for infrastructure assets."
AES Dominicana already operates the 50MW Bayasol solar project in the Dominican Republic, and the company plans to expand its renewable portfolio in the country. In 2020, renewables accounted for just 0.39% of the company''s operating capacity, compared to natural gas, which accounted for 69.44%.
This mirrors the wider Dominican Republic energy sector, which remains heavily reliant on fossil fuels. In 2020, oil had the greatest impact on the country''s electricity generation, accounting for 5,881GWh of production, ahead of natural gas, which accounted for 5,311GWh of production. Solar power accounted for just 434GWh of electricity production in 2020, but with both coal and oil production falling between 2019 and 2020, there is cause for optimism that the Dominican Republic could alter its energy mix in the future.
AES Dominicana has already appointed Spanish developer TSK to develop the Peravia solar plants, and is the latest investment into the country''s solar sector, following EGE Haina''s plans to build a new 80MW solar plant in the municipality of San José de las Matas in the Santiago province.
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One of the largest PV projects seen to date in the Dominican Republic has secured the planning nod, heralding a significant boost of nation-wide installed capacity.
A 100MW installation planned at Villarpando, in the Caribbean nation’s southwest, was signed off on Monday by national energy regulator CNE.
The watchdog took to Twitter to explain the solar project will require over US$110 million in investment but save the country, in turn, US$30 million worth of oil imports.
The developer, Natural World Energy Corporation, started exploring the feasibility of the project in June 2016, submitting its planning application in April 2017.
The scheme is set to generate 70 permanent jobs, plus a further 400 during construction. A project with a 25-year lifespan, its supply will cover the needs of 195,000 households, CNE said.
This week’s contract signing reflects, CNE said, the will of Dominican president Danilo Medina to promote investments in renewable energies.
Should it complete with its planned 100MW size, the installation at Villarpando would bring a marked boost to the Dominican PV scene. Installed capacity stood at 166MW last year, according to IRENA.
Projects unveiled since include a 116MW PV scheme, reportedly the Caribbean’s largest, a 1.5MW airport installation, a 25MW park in Barahona and a 361MW pipelineof solar and wind.
Others now look set to follow. Last updated this year, a government map shows various PV projects are progressing through the planning process, with most sitting in the 10MW-60MW capacity range.
See here for more information on the new Dominican PV project
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Santo Domingo.- President Luis Abinader is set to lead the groundbreaking ceremony for the “Dominicana Azul” photovoltaic solar project this Friday. Developed by the Canadian company Azul Zenith Energy Corp, SRL, this significant clean energy initiative is expected to create over 900 direct jobs in the Dominican Republic.
The ceremony will be held in the municipal district of Arroyo Salado, Cabrera, in the province of María Sánchez, Nagua. The “Dominicana Azul” project, under the leadership of Oscar Ordoñez, Rafi Farah Carbonell, and Carlos Ureña in the Dominican Republic, represents a major step towards sustainable development.
The solar plant is projected to contribute 182,611 megawatts annually to the National Interconnected Electrical System, effectively supporting numerous industries and households while reducing energy costs. Its modern infrastructure will include an automated electrical substation and a 138,000-volt transmission line spanning approximately 37 kilometers. This will enhance energy transmission capabilities between the Northeast region and the Cibao Central area.
Beyond its energy contributions, the project aligns with environmental goals by reducing over 100,000 tons of CO2 emissions annually, supporting the Dominican Republic’s commitment to combating climate change. As the largest solar park in the northern region, “Dominicana Azul” will also provide stability to the electrical grid and encourage further investments in national development.
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These are times when big companies in the Dominican Republic are investing in solar energy while at the same time they seek governmental restrictions against homeowners installing the systems and a change in the present rules for solar energy. The Ministry of Energy has been listening to the big companies.
Meanwhile, last week 32 ministers from the Western Hemisphere gathered in Punta Cana to talk about energy. The Sixth Meeting of Energy Ministers of the Energy and Climate Partnership of the Americas (ECPA) took place at the Barcelo Bavaro Convention Center in Punta Cana from 14 to 15 March 2024.
The focus of the meeting was Renewable Energy in the Americas: Integration and Innovation.
Dominican Minister of Energy and Mines Antonio Almonte told his colleagues that the Dominican nation has taken large steps forward in the area of renewable energy, especially in the use of solar panels. Almonte went so far as to say that the DR is the country with the largest increase in the use of solar energy. He urged his fellow minister to use the financial facilities offered by the InterAmerican Development Bank (IADB), and other institutions, to finance their installations of renewable energy.
The Meeting of Energy Ministers is a high-level event that convenes government leaders, private sector representatives, experts in energy and sustainable development, and other key stakeholders from across Latin America and the Caribbean. The high-level gathering focuses on discussing, exchanging ideas, and forming concrete commitments to further the transition to clean, sustainable, and renewable energy in the Americas.
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