Alternative energy generation outfit MPC Caribbean Clean Energy Limited has closed the financing of Phase II of the Monte Plata project, a 42-megawatt (MW) solar photovoltaic plant now under construction in the Dominican Republic.

Sharing the update on the Jamaica Stock Exchange website, MPC Clean Energy said it signed the financing agreement for the project with FMO: Dutch Entrepreneurial Development Bank and CIFI, a Panamanian non-banking financial entity on December 19, 2023.

It previously worked with DEG on financing Phase I of the project.

At the time of signing, the Monte Plata Phase II had achieved a capacity of 33.4 MWp at the plant.

MPC had announced the expansion of the Monte Plata solar PV plant in its annual report for 2022, stating that the targeted additional capacity would be 40.5 MWp and that construction would have begun in the second quarter of 2023.

“Each asset allocation is carried out according to defined criteria, which, in addition to the commercial performance of the asset, is also to actively support the transformation goals towards a CO2 (carbon dioxide)-free energy generation in the respective region and where sustainability goals and environmental, social and governance (ESG) play an overriding role,” the directors explained.

Following the successful integration of the Monte Plata solar plant into the MPC Caribbean Clean Energy Fund portfolio, it joined Tilawind, Paradise Park and San Isindro in generating combined asset based revenues of US$21.62 million and pre-taxed earnings of US$15.46 million.

MPC’s vision is to supply more than 1 million homes with power produced by renewable energy in the Caribbean.