MPC Caribbean Clean Energy completes financial close of Monte Plata Phase II
Press Release
ST. MICHAEL, Barbados – 23 December 2023 – MPC Caribbean Clean Energy Fund LLC announced the financial close of Phase II of Monte Plata solar park in the Dominican Republic. The Phase II attracted a project finance loan from the Dutch development finance institution FMO; the Panamanian financial institution and asset manager CIFI; and the CIFI Sustainable Infrastructure Debt Fund, which channels resources toward sustainable infrastructure development in Latin America and the Caribbean.
MPC Caribbean Clean Energy Fund (the Investment Company of the regionally publicly listed MPC Caribbean Clean Energy Limited) indirectly holds a shareholding of approximately 36% in the asset.
The Monte Plata solar park, which currently sells all its generated power under a 20-year US-dollar denominated PPA to the state-owned Dominican Corporation of State Electrical Companies, was the first utility-scale power station in the Dominican Republic and was also the largest project of its kind in the Caribbean at the time of commissioning in 2016.
In Phase II, the project has undergone significant expansion, reaching an installed solar PV capacity of 75.6 MWp. This expansion involved securing a new 15-year US-dollar denominated PPA for an additional 42.2 MWp of solar PV capacity. The commissioning and commercialization of this expanded capacity are anticipated to yield a combined annual energy production of approximately 116,000 MWh. The COD of Phase II is projected to occur in the fourth quarter of 2024.
Gözde Kurusoy, Director Project Finance at MPC, expressed, “Over its operational lifespan, the expanded solar park is poised to mitigate the production of nearly 1.5million tonnes of CO2 during the life span of 20 years. The financial closure of Phase II underscores MPC Caribbean Clean Energy Fund's commitment to the Dominican Republic, fostering economic growth, supporting the transition to a low-carbon economy, and driving positive community and social impact.”
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About MPC Caribbean Clean Energy Ltd
MPC Caribbean Clean Energy Ltd (the Company) is a Caribbean-based investment company which was established in 2017 with the clear vision to enable private and institutional investors from Jamaica and Trinidad and Tobago to invest through the Company into one of the few investment funds which invests in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region: the MPC Caribbean Clean Energy Fund LLC (the Investment Company or the Fund). More details at www.mpc-cleanenergy.com
About MPC Capital AG
MPC Capital AG is an international asset and investment manager for real asset investments. Together with its subsidiaries, the company develops and manages real asset investments and investment products for international institutional investors, family offices and professional investors. Its asset categories of focus are Real Estate, Shipping and Infrastructure. MPC Capital AG is listed on the stock exchange (MPCK) since 2000 and has around 300 employees group-wide. More details at www.mpc-capital.com
MPC Caribbean Clean Energy Ltd.
St. Michael, Barbados, BB14004
Email: info@mpc-cleanenergy.com
Media Contacts Trinidad & Tobago
Reina Henry
cmb Limited
Email: reina.henry@cmbcreative.com
About CIFI
CIFI is the leading non-bank financial institution and Asset Manager in infrastructure and energy financing across Latin America and the Caribbean. With involvement in over 200 transactions valued at more than US$1.8 billion, CIFI has mobilized over US$20 billion in capital since 2001. It provides diversified portfolio management services while mitigating ESG risks.
More info: www.cifi.com
You can also follow us on x: @cifi_finance or on LinkedIn
About CIFI's Sustainable Infrastructure Debt Fund, LP
This fund is tailored to support infrastructure projects that are both economically feasible and environmentally and socially responsible, signifying CIFI's continued commitment to sustainable investment.
More info: cifi.com/am/sustainable-fund-investment/
Media contact CIFI
Marisa Urrutia | Communications Officer
T +507 8338580
Email: marisa.urrutia@cifi.com
This communication is targeted at, and subscription in MPC Caribbean Clean Energy Limited (the "Company") is only open to, prospective investors that are resident in one or more of the following jurisdictions and not in any other jurisdiction: Jamaica and Trinidad and Tobago. Any offer or sale of securities may in certain jurisdictions be restricted by law. The communication does not constitute an offer to sell or a solicitation of an offer to buy interests in the Company in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. In particular, this communication is not an offer of securities for sale in the United States or to any US person (as defined for purposes of US securities laws in general, and the Securities Act of 1933, as amended, in particular), and such offers and sales may not be made in the United States absent registration or exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain additional, detailed information regarding the statements made herein.