(DEG) – Deutsche Investitions- und Entwicklungsgesellschaft mbH, is investing in the expansion of renewable energy in the Dominican Republic by arranging a long-term loan of approximately USD 62 million for the operating company Montecristi Solar FV S.A.S. (Montecristi) to fund the development of a solar farm. DEG’s own share amounted to around USD 20 million.
The funding was provided together with the Dutch development bank FMO and the Belgian development bank BIO. Euskirchen-based F&S Solar is involved both as project developer and investor.
The first phase of the 58 MW capacity Montecristi solar farm, located in the north-west of the Dominican Republic, has now been opened. Completion of the entire 116 MW plant is scheduled for summer 2019, by which time it will be providing environmentally friendly electric power to around 100,000 households.
During the development of the solar farm, a biodiversity concept was also developed and implemented in cooperation with the “Jardin Botanico Nacional” and a team of experts in accordance with international standards.