DOMINION, an electric utility company, announced the sale of six solar projects totaling 321 MW located in the Dominican Republic for a value exceeding $375 million.
The transaction is expected to generate a cash flow of $102 million, with $82 million anticipated to be received in 2025.
The company signed the deal with funds managed by Pioneer Funds and JMMB Funds and advised by GP Capital Partners SRL.
DOMINION sold 80% of its stake in the solar projects, retaining the remaining 20% stake for the next three years, as per the transaction.
The projects have long-term power purchase agreements already in place. The sale is part of the company’s strategic plan to position itself as a turnkey project enabler for independent power producers. Additionally, this deal supports the company’s portfolio simplification and asset optimization strategy.
In January, EQUITA Capital SGR, a multi-asset management platform and part of the Italian investment bank EQUITA Group, announced that EQUITA Green Impact Fund (EGIF) launched its deployment phase with a binding offer to acquire a 75% stake in a 74 MW solar project portfolio from DOMINION, an end-to-end project development company.
Additionally, the company sold the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation, a Japan-based power generation company, in 2023. The Valdecarretas photovoltaic project is located in Zamora (Spain) and has been operational.
According to Mercom’s recently released 1H and Q2 2025 Solar Funding and M&A report, approximately 19.9 GW of solar projects were acquired in the first half of 2025, compared to 18.5 GW in the first half of 2024.
Last week, OCI Energy, a developer of utility-scale solar and battery storage projects, announced the sale of the 120 MWac Pepper solar project to Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas.
