Akuo Energy secures IFC loan

Akuo Energy secures IFC loan

Loans Project & Infrastructure Finance Dominican Republic

French renewables firm Akuo Energy has signed an $80m loan from the IFC, according to a statement from the multilateral.

Proceeds will develop the 50 MW Parques Eolicos del Caribe (Pecasa) wind farm in the northern Dominican Republic, 20km from Santo Domingo.

The debt package included $18.5m from the IFC's own book, $18m from Dutch development bank FMO, $17m from the IFC - Canada Climate Change Program, $15m from French development bank Proparco and $11.5m from German development bank DEG.

Pecasa, valued at about $125m, is expected to become operational in the first half of 2019. The project will sell its electricity to state-owned utility Corporacion Dominicana de Empresas Electricas Estatales (CDEEE) through a 20-year dollar-denominated power purchase agreement.

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