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Loan guarantee for 8.25 MW project
1 November 2005
The World Bank's private sector arm, International Finance Corporation (IFC), is collaborating with Denmark's international development agency, DANIDA, on an 8.25 MW wind plant for the Dominican Republic. The two aid organisations are guaranteeing a loan of up to $13 million for the project, to be built by a local private utility Cosorcio Energético Punta Cana-Macao (CEPM). The Copenhagen branch of ABN AMRO Bank will provide the loan to CEPM. The five 1.65 MW turbines will come from Vestas, says Dana Younger, senior adviser in the renewable energy infrastructure department. With supply from the Dominican Republic's national grid frequently disrupted, the government hopes the new plant will provide a reliable electricity supply to key sectors such as tourism, which accounts for $3 billion in revenues. CEPM is serving resort areas and surrounding communities in Punta Cana, which gets about 50% of tourists. The IFC is also assessing other projects in the region. "We are prepared to invest in privately owned wind farms anywhere in Latin America," says Younger.
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