January 17, 2018 |
French renewable power developer invests $80m into a Dominican wind farm
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.