Product: Project Finance: Secured Long Term Loan
Role: Asset Manager
Environmental Category: B
Impact: 37,224 people benefited from clean energy access per year
Financial clousure: 2020
CIFI LATAM S.A. received a mandate to structure a senior secured long-term loan in the amount of US$37MM in favor of Emerald Solar Energy SRL, a company existing under the laws of the Dominican Republic, to build and operate the Canoa Project, a 25 MW fully operational solar power project located in Barahona and financed by the Fondo de Inversión Cerrado Libre para el Desarrollo de Infraestructuras Dominicanas I (Free Closed Investment Fund for the Development of Dominican Infrastructure I).
Potentia Renewables promotes the Canoa Solar Project in the Dominican Republic, a 1,403,139 m² project operated through its subsidiary Emerald Solar Energy SRL (ESE). The project is in the Miramar sector of the Vicente Noble municipality in the province of Barahona.
The current 25 MW farm is the first of 2 phases to reach a total capacity of 50 MW. The second phase of the project is still under development.
The first phase was inaugurated in January 2020, and after completing a full commissioning process, it reached the Commercial Operation Phase (COD) on March 7, 2020. Construction took ten months, and the contractor was ELECNOR. The park also has a substation for power conversion to 69 kV and an overhead line with 12 towers to the National Interconnected Electric System (SENI).