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PECASA: A loan for a wind farm in the Dominican Republic
Project
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Signature date
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Location
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Dominican Republic
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Financing tool
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Financing amount (Euro)
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12620065
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Financing details
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USD 15m loan and technical assistance of 125,000 USD
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Customer
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PARQUE EOLICOS DEL CARIBE S.A.
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Type of customer
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Company
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Country of headquarters
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Dominican Republic
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Project number
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PDO1044
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Environmental and social ranking
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B+
This information is given at the time of signature, without prejudice to any developments in the operation/project.
This USD 15m loan will finance the construction of a wind farm with a capacity of 52 MW in one of the country’s windiest regions. It is PROPARCO’s first operation in the energy sector in the Dominican Republic.
Client presentation
A project company, Parque Eolicos del Caribe S.A., controlled by Akuo, has been set up for the project implementation.
Project description
The project involves cofinancing a wind farm with a capacity of 52 MW (25 Gamesa G114-2.1 MW turbines) in El Copey, 260 km to the north-west of Santo Domingo, one of the windiest regions in the Dominican Republic.
Project impact
The project will have significant impacts on improving the quality of the electricity supply in the Dominican Republic. The wind farm will generate some 160 GWh of electricity a year and will contribute to making the electricity supply more reliable in a context of major outages. The project will also contribute to diversifying the local energy mix and to reducing the country’s dependence on fossil fuels.
The environmental impacts are positive, as the wind farm will reduce greenhouse gas emissions by some 78,000 teq CO2 every year. Finally, the wind farm will support 1,400 jobs in the country and will contribute EUR 22m to Dominican GDP over the project life cycle.