Consorcio Energetico Punta Cana

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The project consisted of a 12.5-MW diesel power plant. The project which required an average $1 million per 1-MW installed capacity began its commercial operation in 1994. The initial developer was Wartsila Power Development which sold the project to Dominican Republic's investors in 1994. In 2005, Endesa of Spain sold its 40% stake in Consorcio Energetico Punta Cana-Macao (CEPM)for US$23.7 million, resulting in a capital gain for Endesa of US$8.3 million . The electricity is sold to business and residences located in an area not connected to Corporacion Dominicana de Electricidad (CDE), the state-owned utility. In 2000, MIGA issued an US$ 11.1 million guarantee to a bank providing financing for this project. In 2005, the project intended to expand its capacity with a 8.25MW wind power plant. The cost for the expansion project was estimated at US$42.5 million, of which IFC was offering a senior loan of $10 million and to fully guarantee up to a $12.5 million loan –in which ABN Amro Bank, Copenhagen Branch, was to provide a loan under a program sponsored by DANIDA, the Danish government’s development agency- for a total exposure to IFC of $22.5 million. In April 2014, the IFC approved a US$ million loan to CEPM in order to fund a 7 MW solar power plant to be built at Bavaro. The power plant was established with the goat to increase CEPM’s existing thermal generation facilities and displace their dispatch for fuel cost savings. The total investment was estimated at US$ 17 million. http://www.miga.org/screens/projects/guarant/regions/lac02/bch-dr.htm