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Dominican Republic 115 MW project awaits government guarantee
1 March 2002
Troubled USbased power developer and operator York Research continues to crawl towards construction of a planned $160 million, 115 MW wind project in the Dominican Republic. The project needs a financial guarantee from the Dominican government, which has to be approved by the country's Senate, says York chairman Robert Paladino. York also has to renegotiate the 30 year power purchase agreement it signed with state power company Corporacion Dominicana de Electricidad to accommodate the project delays. If both issues proceed smoothly, construction could start at the end of the year or early 2003, Paladino says. York is now in what Paladino calls the "final development" stage, which includes collecting wind data and leasing land at the Puerto Plata site. York is fighting an involuntary bankruptcy filing from creditors after defaulting on a bonds program in October -- and although it is selling certain assets to ease the credit situation, the Dominican project, which it owns 100%, is not one of those assets. The company has a second wind project in the Dominican Republic, details of which Paladino prefers not to disclose as yet.
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