MPC Energy Solutions (MPCES) has entered the Dominican Republic through a joint development agreement with Soventix Caribbean, a leading regional developer. MPCES holds 51% in this partnership that seeks to develop and construct a solar park with a capacity of 50-100 MW by the end of 2022. Soventix Caribbean will be responsible for the local development activities and the parties will jointly seek to commercialize the energy and carbon credits.
Juan Esteban Hernández, Head of Project Development LATAM at MPC Energy Solutions, said, “We are really excited to enter the Dominican Republic, as the country is poised for an energy transformation to become a leading renewable energy market in the region and has a long tradition of Independent Power Producers (IPPs). The Dominican government is continuously pushing to increase competitiveness and strengthen local energy generation through renewable sources, and we are delighted to partner with Soventix Caribbean, with a strong position regionally and tremendous experience in developing and building solar PV projects in the Dominican Republic and the Caribbean region.”
Martin Vogt, CEO at MPC Energy Solutions, said, “This is another important step in terms of executing on our attractive project pipeline. We are in the process of building up an operational portfolio as a leading independent power producer (IPP) with a highly diversified portfolio and attractive rates of return.”
The Dominican Republic is the largest existing renewables independent power producer market in the Caribbean, with about 650 MW of installed wind and solar power capacity. The Dominican government intends to generate 25% of its energy from renewable sources by 2025 and plans to be CO2 neutral by 2050.
To achieve these goals, the Dominican government has made the development of renewable energy projects a priority. Diversifying the country’s energy matrix and reducing reliance on fossil fuels will be important steps for the Dominican Republic’s future.
Alfonso Rodriguez, CEO, and Partner at Soventix Caribbean said: “We are delighted to partner with the professional team of MPC Energy Solutions for this important project. On our way to becoming one of the leading project developers for solar plants in the Caribbean, the Dominican Republic has always been a focus region for us. We share MPCES’s vision of a region that is sustainable and where the natural environment is preserved for future generations alongside a thriving economy and society. We are certain that our daily work brings us closer to this goal, and this partnership with MPC Energy Solutions strongly supports it.”