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Product: Project Finance/Financed with funds from the Investment Fund for the Development of Dominican Infrastructure I
Role: Asset Manager
Environmental Category: B
Impact: 37,099 people benefited from clean energy access per year
Financial clousure: 2020
In May 2020, CIFI LATAM S.A. received the mandate to structure a long-term secured senior loan in the amount of USD 37 million in favor of Emerald Solar Energy SRL, a company incorporated under the laws of the Dominican Republic, to refinance construction debt and for the operation of the Canoa Solar Park. In June 2022, the project was acquired by Polaris Renewable Energy Inc.
The Park entered into operation on March 7, 2020, after achieving Commercial Operation Date (COD), with 88,817 solar modules rated at 370 Wp connected to 8 inverters of 3,510 kVA. The first phase has a capacity of 25 MW, and 50 MW is expected upon completion of the second phase, which is currently under development. The Park also includes a substation for stepping up energy to 69 kV and an overhead line with 12 towers to the National Interconnected Electrical System (SENI). Construction lasted 10 months and the contractor was ELECNOR.
Polaris Renewable Energy Inc. is a Toronto, Canada–based publicly traded company with a track record of developing renewable energy projects in Latin America. It has a presence in five countries in the region, implementing the following projects: a geothermal project in Nicaragua, three hydropower projects in Peru, two solar plants in Panama, a hydropower project in Ecuador, and the Canoa Solar Park in the Dominican Republic.
