Credit: Blue Elephant
Hamburg-based Blue Elephant AG (BEE) plans to buy a majority stake in the 116MW Montecristi solar park from F&S solar concept GmbH in the Dominican Republic in the Caribbean.
Law firm Watson Farley & Williams (WFW) advised BEE on the acquisition of what is the largest solar plant in the region. F&S solar concept remains a partner and stakeholder in the project going forward.
Project finance for the construction of the park was made available to BEE by a consortium of European development banks led by Cologne-based DEG – Deutsche Investitions- und Entwicklungsgesellschaft, Belgium’s BIO and the Netherlands’ FMO.
The first phase of construction covering 58MW was completed in July 2018, with the second and final phase to be completed next year. A power purchase agreement (PPA) has been signed with a state-owned off-taker. The project will cover 200 hectares of land.
The Dominican Republic plans to source 85% of its energy supply from renewable sources by 2035.
Last November, the first three renewable energy projects developed under the US$50 million United Arab Emirates-Caribbean Renewable Energy Fund (UAE-CREF) broke ground in the Bahamas, Barbados and Saint Vincent & the Grenadines.