Akuo and GAM Capital sign definitive concession for its 53 MW MATRISOL solar park in the DR

Akuo, French independent producer of renewable energy, and the investment fund GAM Capital, through the GAM Energía fund, announced the signing of the definitive concession for its Matrisol solar park in the province of María Trinidad with the National Energy Commission (CNE). Sánchez in the Dominican Republic, which has financing from Banco Popular Dominicano.

This solar park will have an installed capacity of 53 megabytes, which will prevent the emission of more than 50 thousand tons of CO2 into the atmosphere each year. Its construction will begin in the coming months, employing 550 people and it is projected to come into operation in 2023.

The signing of the concession was in charge of Salvatore Longo Bellusci, Representative of Akuo Energy in the Dominican Republic and the director of the CNE Edward Veras Díaz, together with the Vice Minister of Energy of the Ministry of Energy and Mines, Rafael Gomez, His Excellency the Ambassador from France, Eric Fournier, as well as Raúl Hoyo, general director of GAM Capital, Rene Grullón Finet, senior executive vice president of National and International Business of Banco Popular and Luis Álvarez, Executive Director of Cervecería Nacional Dominicana, entity that will be the recipient of the energy produced in the park.

“With this renewable energy project we reaffirm our company’s commitment to continue investing in this country. We feel honored to put ourselves once again at the service of the Dominican people and support the Dominican State in increasing the production of renewable energy in the country hand in hand with high-level strategic partners such as GAM Capital, Cervecería Nacional Dominicana and Banco Popular Dominicano”

The Matrisol project benefits from a long-term power purchase agreement with the Cervecería Nacional Dominicana belonging to the ABinBev group (Anheuser-Busch InBev), a leader in the brewing industry. Therefore, the production of this photovoltaic power plant will supply energy to the main beer manufacturing plants in the Dominican Republic.

The director of the Energy Commission affirmed that this new project strengthens the vision of the President of the Republic, Luis Abinader, that the country can count on a sustainable supply of clean energy.

“The Dominican Republic has embarked on an ambitious program to develop renewable energy in its territory and has the goal of reaching 25% of electricity from renewable sources by 2025.”

The addition of new renewable energy capacity will allow Dominicans to benefit from access to competitive energy, but also reduce both the environmental impact of carbon-based electricity production and the country’s dependence on rising cost of fossil fuels.

Akuo Energy and GAM Capital are two key players that have extensive experience in the renewable energy sector both in the Dominican Republic and in the world. After the Pecasa wind power plant in operation since 2019, this is the second project that they have successfully developed together.

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On behalf of Popular, René Grullón Finet expressed: “We are convinced that clean energy will be crucial for the sustainable development of the Dominican Republic. Our country has great potential and at Popular, guided by our sustainable vision and our leadership in the financing of renewable energies, we are committed to it with determination: our financial support for the Matrisol solar park is the most recent proof.”

The construction of the Solar Matrisol park will mean the creation of more than 2,000 indirect jobs. More than 200 jobs will be maintained locally directly to guarantee the operations of this plant that will supply local and renewable energy, avoiding the emission of more than 50,000 tons of CO2 emissions per year.

ABOUT AKUO

Akuo is a global independent producer and developer of renewable energy. The company is present throughout the value chain, including the development, financing, construction and operation of projects. By the end of 2021, Akuo had invested more than €2.6 billion for a total capacity of 1.4 GW in operation or under construction and had more than 5 GW of projects under development. With more than 350 employees, the Group, headquartered in Paris, France, has a presence in more than 15 countries around the world.

GAM Capital, SA, Sociedad Administradora de Fondos de Inversión, is an entity incorporated under the laws of the Dominican Republic in 2002. It is authorized by the Superintendence of the Stock Market of the Dominican Republic (SIMV) to operate as a Fund Manager. of Investment in the country and has the purpose of promoting and developing the Stock Market of the Dominican Republic. It has been recognized as one of the leading fund managers in innovation and placement of funds in the country. It currently maintains an A+af risk rating and manages more than US$440MM of assets under management.

Banco Popular Dominicano, SA – Banco Múltiple is the main private capital financial organization in the Dominican Republic, with 58 years of institutional life. Leader in all businesses and customer segments, it was born with the mission of democratizing financial services in the country, also promoting sustainable development in the Dominican Republic. It is a signatory member of the Principles for Responsible Banking of the United Nations and the only Dominican financial institution certified internationally as carbon neutral.

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