Inauguration of the Largest Solar Park in the Caribbean

With an investment of over US$85 million dollars, F&S Solar, a German solar energy company, officially inaugurated on July 17, 2018, the largest Solar Park in the Caribbean. The event took place at the solar park premises in Guayabin, Montecristi, a province on the northern west coast of the country. 

Dominican President, Danilo Medina, as well as the highest officials from the electric sector in the Dominican Republic, including the National Energy Commission, the Electricity Superintendence, the Dominican Company of Electric Enterprises (CDEEE), among others attended the inauguration event. The CEO of F&S Solar, the general administrator of the Montecristi Solar Project and representatives of other investors and of the lenders also were present. 

The construction of the 57.8 MW solar plant has generated employment for approximately 400 construction workers from the province of Montecristi. The plant which will produce 103 MWH of clean electricity per year, has approximately 215,000 solar panel modules and will provide clean energy to approximately 50,000 homes. 

In addition to providing clean energy, the developers also contributed to the environmental conservation, donating all the cacti that were removed from the land to the Botanical Garden in Santiago, where the same will be preserved and cultivated. 

The project was constructed by the F&S Solar group, along with private  investment by Blue Elephant Energy and the financing granted by the development banks of Germany (DEG), Belgium (BIO) and Netherlands (FMO). 

Partners Norman De Castro and Laura Feliz from DR&R Abogados y Consultores Fiscales acted as counsel to F&S Solar and Partners Mary Fernandez and Eileen Jiménez from Headrick Rizik Alvarez & Fernandez acted as local counsel to the lenders.