Ecoener, a renewable energy project developer, announced it secured a $43.1 million loan to finance the development of the 60 MW Payita 1 solar project in the Dominican Republic. The company received financing support from Proparco, the French development finance institution and a subsidiary of Agence Française de Développement Group.
The solar project, located in the province of María Trinidad Sánchez in the northern part of the country, has a 15-year long-term power purchase agreement signed with Edenorte, an energy sale and distribution company.
“We would like to thank Proparco for their trust in us. It shows Ecoener’s capacity to develop fully sustainable projects that meet the highest international social and environmental standards”, commented Luis de Valdivia, Ecoener’s Chairman.
Anne Gautier, Head of Power and Digital, Asia & Latin America at Proparco, said, “Proparco is pleased to enter into a partnership with Ecoener, a leading European player in the field of renewable energy. The development of this solar photovoltaic power plant in the Dominican Republic meets the government’s ambitious goal of increasing the share of electricity production from renewable energy in the country while improving access to clean, reliable, and affordable electricity for Dominicans.”
The company expects the commercial operation of the Payita 1&2 and the Cumayasa 4 solar projects this year. The company already has five solar projects in operation or under construction in the Dominican Republic.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding in 2024 increased 21% year-over-year.
Earlier this month, Aura Power, a solar and energy storage project developer, secured £33.1 million (~$41.1 million) in project financing to develop and construct the 40 MW Burtree Lane solar project in Darlington, U.K. The solar project received planning approval in November 2022.
