SAN JOSÉ, COSTA RICA, March 19, 2024 – Following a highly anticipated signing, impact asset manager Deetken Impact Sustainable Energy (DISE) announces the financial close of the Monte Plata Phase II 42.2 MWp project in the Dominican Republic. The planned expansion was first announced when Deetken Impact invested in the first phase of the solar power plant in 2021, with co-investors MPC Caribbean Clean Energy Fund LLC (MPC), Grupo Pais, and ANSA McAL.
As the first utility-scale photovoltaic power station in the Dominican Republic, the original 33.4 MWp plant was also the largest project of its kind in the Caribbean at the time of commissioning in 2016. The expanded capacity of 73.4 MW is set to generate 116,000 MWh annually, which will avoid up to 1.5 million tonnes of CO2 over the life of the project in addition to creating new quality jobs. Monte Plata currently sells the electricity it generates to the state-owned Dominican Electrical Distribution Companies under a US dollar denominated, 20 year power purchase agreement (PPA), while the Phase II expansion will sell to the same counterparty under a new 15-year US-dollar denominated PPA .
“Deetken Impact Sustainable Energy is satisfied to have completed a legal closing process that demanded substantial effort and perseverance from our team and co-investors. This confirms our commitment to contributing to the renewable energy transition in the Caribbean Basin. In addition, the Monte Plata project is a manifestation of our trust in the Dominican energy sector’s legal framework and institutional support, and we look forward to continuing investing in future similar projects in the country.”
This investment aligns well with our Funds’ mandate to accelerate the transition to clean energy, while adding resilience to the energy infrastructure in the Caribbean, and ultimately contributing to the achievement of SDG 7 – Affordable and Clean Energy. Characterized as a “major leap” in renewable energy, the Monte Plata Phase II expansion is one of 17 renewable energy projects in the country that the Minister of Energy and Mines Antonio Almonte, estimates will add around 800 MW of renewable energy to the electricity mix, putting the country in striking distance to meet one of its goals—to generate 25% of its electricity from renewables by 2025.
This second phase has attracted a project finance loan from FMO, the Dutch entrepreneurial development bank; the Panamanian financial institution and asset manager CIFI; and the CIFI Sustainable Infrastructure Debt Fund, which channels resources toward sustainable infrastructure development in Latin America and the Caribbean. Additionally, we are pleased to be collaborating with DISE investee Soventix Caribbean, and French EPC company Bouygues, who together make up the Consortium contracted to build the expansion, which has projected the Commercial Operations Date (COD) to occur in the third quarter of 2024.
“Grupo Pais is dedicated to expanding its direct and managed investments with best in class co-investors, in landmark, transformative energy projects in the Dominican Republic. Our focus is to continue investing in projects that impact positively the environment and play a crucial role in minimizing the emissions footprint”
About Deetken Impact Sustainable Energy
Deetken Impact Sustainable Energy (DISE) manages two funds that co-invest in renewable energy and energy efficiency projects and companies in Central America and the Caribbean. Supported by its partnership with Deetken Impact, a Canadian impact asset manager focused on investments in women’s empowerment, clean energy, and social enterprises in Latin America and the Caribbean, DISE’s award-winning funds have 16 investments in 7 countries and a total of $60MM in committed capital. Together they jointly manage $145 million in impact assets with a diverse team of seasoned impact investment professionals based in Central America, South America, the Caribbean and Canada and a track record of more than two decades. DISE is a signatory to the Operating Principles for Impact Management and collectively with Deetken Impact partners, has been selected to the ImpactAssets 50 Impact Investment Fund Manager Showcase since 2020.
About Grupo Pais
Grupo Pais is a diversified conglomerate that invests in the retail, commercial, real estate and energy sectors mainly in Dominican Republic. It makes direct investments and manages Publicly Regulated Funds that invest Dominican institutional savings into long term cash flow generating assets. Grupo Pais investment strategy is focused on co-investing with top tier market leading companies in the energy sector that are aligned in their vision.
About MPC Caribbean Clean Energy Ltd
MPC Caribbean Clean Energy Ltd (the Company) is a Caribbean-based investment company which was established in 2017 with the clear vision to enable private and institutional investors from Jamaica and Trinidad and Tobago to invest through the Company into one of the few investment funds which invests in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region: the MPC Caribbean Clean Energy Fund LLC (the Investment Company or the Fund). More details at www.mpc-cleanenergy.com
About MPC Capital AG
MPC Capital AG is an international asset and investment manager for real asset investments. Together with its subsidiaries, the company develops and manages real asset investments and investment products for international institutional investors, family offices and professional investors. Its asset categories of focus are Real Estate, Shipping and Infrastructure. MPC Capital AG is listed on the stock exchange (MPCK) since 2000 and has around 300 employees group-wide. More details at www.mpc-capital.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: info@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago
Reina Henry
cmb Limited
Email: reina.henry@cmbcreative.com
About ANSA McAL Limited
ANSA McAL Limited is one of the largest and oldest conglomerates in the Caribbean region, with various diversified companies in nine sectors. With offices in Trinidad & Tobago, the operations of the Group ANSA McAL extend to Guyana and North America. The first renewable energy investment by the group was made in 2017 and the group continues investing in alignment with its purpose, “Inspiring Better Choices for a Better World”
More information: www.ansamcal.com
