MPC Caribbean Clean Energy Limited has purchased the 33.4 megawatt (MW) solar park Monte Plata in the Dominican Republic.
The purchase, which was made on Tuesday, June 1, is expected to be completed by the third quarter of 2021. This is the second solar plant that MPC Caribbean Clean Energy has purchased since the start of the year.
Earlier this year, the renewable energy company, which is cross-listed on the Jamaican and Trinidad and Tobago Stock Exchanges, purchased San Isidro, a 6.5 MW solar park in El Salvador. Both transactions were executed by MPC Caribbean Clean Energy Fund LLC, the investment company of MPC Caribbean Clean Energy Limited.
The Monte Plata solar park started its commercial operation on September 1, 2016. In a statement yesterday advising shareholders of the purchase, the Caribbean-based renewable energy company reported that the Monte Plata solar park will help to prevent an estimated 1,716,000 tons of carbon dioxide (CO2) emissions throughout its lifetime.
In the meantime, the recently commissioned solar park in El Salvador is slightly underperforming with a plant availability and production output below target. However, this is not unusual during the start-up phase of such operations.
The standout performance for the March quarter of MPC Caribbean Clean Energy renewable assets across the region was Paradise Park in Jamaica, where the technical performance of the solar park met expectations. This occurred despite difficult circumstances encountered during the period.
In spite of the difficulties encountered, the Jamaica-based solar plant availability and the production output were above target.