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Press release
November 7, 2024
solar panel

FinDev Canada, IDB Invest and FMO invest in Enertur to boost renewable energy in the Dominican Republic

Press Release

Canada’s bilateral Development Finance Institution, FinDev Canada, IDB Invest, and Dutch Development Finance Institution, FMO announce a US$ 56.4 million loan to Energía Turística S.A. (Enertur), a subsidiary of InterEnergy Group in the Dominican Republic.

Summary of the Anticipated Development Impacts

CLIMATE AND NATURE ACTION

  • Contributing to the Dominican Republic’s transition to a low‑carbon economy: The Project is expected to generate annual electricity output of 125,000 MWh and to replace the equivalent of 20 MW from a thermal power station, making a significant step towards sustainable energy solutions in the region. It will allow the Consorcio Energetico Punta Cana Macao (CEPM), an exclusive electric utility operator in the Eastern region of the DR, to reach its objective of supplying renewable energy at 60% of the energy mix by the end of 2027 (interim goal), and to reach 100% renewable energy generation by 2030.

CLIMATE AND NATURE ACTION

Contributing to the Dominican Republic’s transition to a low‑carbon economy

The Project is expected to generate annual electricity output of 125,000 MWh and to replace the equivalent of 20 MW from a thermal power station, making a significant step towards sustainable energy solutions in the region.

MARKET DEVELOPMENT

  • Strengthening the Dominican Republic’s renewable energy supply: Enertur will increase domestic production of clean electricity and will contribute to energy security and self‑sufficiency of the island nation. The integration of BESS with solar PV is one of the first in the DR, addressing the challenge of intermittent energy supply. The Project is expected to power Punta Cana’s tourism industry which represents up to 16% of the country’s Gross Domestic Product (GDP)2.
  • Increasing employment: The Project will support 200 temporary construction jobs, and full‑time employment of 10 Operations & Maintenance (O&M) staff. For Enertur, InterEnergy has agreed to ensure that at least a quarter of the hired labour at the project’s engineering, procurement, and construction (EPC) contractor come from the region.

GENDER EQUALITY 

  • Promoting women’s participation in the renewable energy sector: InterEnergy is intentional about advancing gender equality in the renewable energy sector a testament of which is a developed Diversity, Equity, and Inclusion Action Plan. For Enertur, InterEnergy has agreed to ensure that the project’s EPC contractor put in every effort to hire women at all levels during project construction. It also agreed to demonstrate that the EPC contractor has an Equity and Inclusion policy, and that it will take the necessary steps to close equity and inclusion gaps

Read the Transaction Summary