Ecoener receives support from Proparco to develop the Payita 1 project in the Dominican Republic | Ecoener | Renewable energies for sustainable development
Summary
As part of its mission to support companies that promote sustainable development, the subsidiary of the Agence Fran\xe7aise de D\xe9veloppement Group (AFD Group) has granted a $43.1 million (41 million) loan to Ecoener to finance the Payita 1 photovoltaic plant, which is being developed following the highest ESG standards with the aim of creating a positive impact on local communities.The Payita 1 project in the province of Mar\xeda Trinidad S\xe1nchez, in the northern part of the country, meets the highly demanding sustainability performance standards of the International Finance Corporation (IFC), after an exhaustive due diligence process. These international guidelines ensure that projects are sustainable by identifying their environmental and social impacts, risks and opportunities, while also guaranteeing their correct management and mitigation. The development of this solar photovoltaic power plant in the Dominican Republic meets the governments ambitious goal of increasing the share of electricity production from renewable energy in the country, while improving access to clean, reliable and affordable electricity for Dominicans.Payita 1 has an expected production level of 118.4 GWh, a volume equivalent to the consumption required by 29,600 households. With an international network of 25 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco benefits from sector-based expertise as well as a wide range of financial solutions tailored to the different stages of business development, notably thanks to its Digital Africa subsidiary, and its Propulse technical assistance offering designed to scale up the impacts and performance of its partners.