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The Payita 1 solar PV plant is expected to be operational later this year. Image: Ecoener.
Spanish renewables developer Ecoener has secured a US$43.1 million loan to finance a 60MW solar PV plant in the Dominican Republic.
Proparco, a development finance institution partly owned by the French Development Agency, will provide the loan facility for the construction of the Payita 1 PV plant, which is expected to be operational later this year.
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The project will be located in the northern part of the country, in the province of María Trinidad Sánchez. According to Ecoener, the project meets the sustainability performance standards of the International Finance Corporation (IFC). These guidelines aim to ensure that projects are sustainable by identifying their environmental and social impacts, risks and opportunities.
Moreover, it has already secured a 15-year power purchase agreement with Dominican distribution company Edenorte.
The Spanish developer has a strong presence in the Caribbean country, with a solar portfolio of 280MW of projects that are either operational or under construction in the Dominican Republic.
Among these projects is the Payita 2 solar park—with a 60MWp capacity—which will be paired with a 4-hour duration 15MW/60MWh battery energy storage system (BESS). The project received the green light from the Dominican government in October 2024.
A third solar PV project, the Cumayasa 4 (61.7MWp), is expected to reach commercial operations this year, while two solar plants are already operational in the country.
Outside of the Dominican Republic, Ecoener is also present in 13 other markets in the Americas (Colombia, Guatemala, Honduras and Panama), Europe (including its home country of Spain and Greece) and Asia.
In America, the company secured a US$64 million green bond to finance a 74MW solar PV plant in the Central American country of Guatemala in April 2024.
Its asset portfolio comprises hydropower, wind, solar PV and energy storage. Solar PV represents 264MW of operational power, 360MW under construction and 719MW in development.
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