Puerto Plata Diesel-Power Plant

cancelled

The project consists of two diesel power plants with a total installed capacity of 69-MW. One unit, 19-MW, is located inland and has a 20-year power purchase agreement with Corporacion Dominicana de Electricidad (CDE). The other unit is a 50-MW barge-mounted plant with a 10-year power purchase agreement. The total cost of the project was $75 million. The power plants started commercial operations in 1994. The initial developer, Warsila Power Development, sold the project to a consortium of Coastal Power Production (48.5%), Commonwealth Development Corp. (48.5%), and Basic Energy Ltd. (3%). The project was financed under a foreign export program design to encourage the U.S. shipbuilding industry. In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 48.5% stake in Puerto Plata Diesel-Power Plant. In July of 2002, the commission in charge of renegotiating government contracts with private generators reached an agreement that revoked El Paso's contract with Corporacion Electrica Puerto Plata. The Government paid US$35 million to rescind the contract, claiming the action would save the state US$24 million a year. April 2006 CDC Globeleq acquired 97% of the 67 MW project Compania de Electricidad de Puerto Plata (CEPP). http://www.globeleq.com/fw/main/default.asp?DocID=1502 None