According to a press release, once completed, it will produce about 200 GWh per year, enough to supply about 135,000 people in the Dominican Republic and save 125,000 tons of CO2 emissions per year.
SANTO DOMINGO.- The companies Total Eren and Visolar Holding announced the development of the 100 megawatt photovoltaic solar project called “Villarpando”, located in Azua.
According to the companies, this project will be among the largest foreign investment in a solar project in the Caribbean region.
Visolar Holding, as an investment vehicle of JMMB Fondo de Inversión Cerrado de Desarrollo de Sociedades de Energía Sostenible and Grupo País, are the partners.
Following the signing in March 2022 of a Shareholders' Agreement, relating to the respective participation of Total Eren (51%) and Visolar (49%) in the project, as well as the completion of development efforts during the last six months, the partners have commenced construction work on the project site.
According to a press release, once completed, it will produce about 200 GWh per year, enough to supply about 135,000 people in the Dominican Republic and save 125,000 tons of CO2 emissions per year.
The electricity generated by the photovoltaic park will be contracted through a 15-year Power Purchase Agreement (PPA) signed on October 14, 2021 with Edesur Dominicana SA, one of the state-owned electricity distribution companies.
They explained that Villarpando, with a total investment of around $120 million, will support sustainable growth and contribute to local employment in the province of Azua, with about 250 people being employed during construction, and about 60 permanent indirect and direct jobs that will be created for the Operation and Maintenance Phase.
Fabienne Demol, Executive Vice President and Global Head of Business Development at Total Eren, commented: “We are delighted to partner with JMMB Sustainable Energy Fund (FES) and Grupo País to develop this new solar project in the Dominican Republic, Total Eren’s first project in the country. I would like to thank the Dominican authorities for their support, as well as our partners and teams for their excellent work. I am very excited about the construction of Villarpando and look forward to continuing our growth in the Latin American market.”.
Jesús Cornejo, CEO of JMMB Funds, said: “Our Sustainable Energy Fund (“JMMB FES”) is delighted to partner with a world-class company like Total Eren in this transaction, which is expected to have a significant social, environmental, and economic impact on our country. JMMB FES is backed by some of the most prominent Pension Funds in the Dominican Republic, effectively channeling workers’ savings into the country’s long-term development.”
Juan Carlos País, CEO of Grupo País, stated: “We are thrilled to partner with a world-class renewable energy player like Total Eren and to be able to channel local funds to impact the economy in an environmentally responsible way through the JMMB FES initiative. Providing local support for major energy companies has been key to their entry into our market, and we look forward to continuing to structure new investment opportunities together in the near future.”.
