MPC Energy Solutions has taken a majority stake in an up to 100MW solar project in the Dominican Republic.
MPC signed a joint development agreement with Soventix Caribbean, a regional developer, for a 51% stake in the project, which will have a capacity of 50-100MW.
The project is expected to complete construction by the end of 2022.
Soventix Caribbean will be responsible for the local development activities and the parties will jointly seek to commercialise the output and carbon credits.
MPC Energy Solutions Latam head of project development Juan Esteban Hernandez said: “We are really excited to enter the Dominican Republic, as the country is poised for an energy transformation to become a leading renewable energy market in the region and has a long tradition of independent power producers (IPPs).
“The Dominican government is continuously pushing to increase competitiveness and strengthen local energy generation through renewable sources, and we are delighted to partner with Soventix Caribbean, with a strong position regionally and tremendous experience in developing and building solar PV projects in the Dominican Republic and the Caribbean region.”
The Dominican Republic is the largest existing renewables independent power producer market in the Caribbean, with about 650MW of installed wind and solar power capacity.
The Dominican government intends to generate 25% of its energy from renewable sources by 2025 and plans to be CO2 neutral by 2050.
To achieve these goals, the Dominican government has made the development of renewable energy projects a priority.
Alfonso Rodriguez, CEO and partner at Soventix Caribbean, said: “We are delighted to partner with the professional team of MPC Energy Solutions for this important project.
“We share MPCES’s vision of a region that is sustainable and where the natural environment is preserved for future generations alongside a thriving economy and society.
“We are certain that our daily work brings us closer to this goal, and this partnership with MPC Energy Solutions strongly supports it.”