MPC Caribbean Secures Funding for Monte Plata Phase II

  • Listed company MPC Caribbean Clean Energy, has secured financing for Phase II of its Monte Plata solar park project in the Dominican Republic. The project, already under construction, includes a 42 megawatt peak solar PV plant.
  • The funding was secured from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V (FMO), the Dutch Entrepreneurial Development Bank, and Corporación Interamericana Para El Financiamiento De Infraestructura S.A. (CIFI), a Panamanian non-banking financial entity. Monte Plata is a 36% subsidiary of CCEF ANSA Renewable Energies Holdings Limited, in which MPC holds a 50% stake.
  • MPC leads an equity consortium, alongside Trinidad and Tobago-based corporate group ANSA McAL Limited (TTSE: AMCL) and two unnamed minority investors from the Dominican Republic and Canada, which has set out to acquire the plant in full.
  • Monte Plata operates under a 20-year US-dollar-denominated power purchase agreement (PPA) with the state-owned Dominican Corporation of State Electrical Companies. “Over its operational lifespan, the expanded solar park is poised to mitigate the production of nearly 1.5Mn 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. Phase II of the project is expected to reach commercial operation date in the fourth quarter of 2024. The increased capacity is expected to increase revenues and generate attractive risk-adjusted returns.
  • MPC Caribbean Clean Energy is a Caribbean-based investment company with a vision to boost investments into renewable energy projects in the Caribbean. The Company is investing into significant growth potential in renewable energy projects in the Caribbean region, where these energy sources are increasingly becoming an economical form of new electricity generation.

(Source: Solar industry)