GES’s $38 Million Financing from FMO and DEG for Monte Plata Solar Project in Dominican Republic


Loeb & Loeb, Jiménez Cruz Peña, Hogan Lovells and Pellerano & Herrera advised on the transaction

Neo Solar Power Corporation’s subsidiary General Energy Solutions Inc., has secured a 16-year US$38 million long-term financing from Netherlands Development Finance Company and German Investment and Development Corporation for its SPV named Electronic J.R.C. S.R.L. As the largest photovoltaic system in the Central Caribbean areas, the total installed capacity of this “Monte Plata” project phase I reached 34MW. The project not only passed stringently financial review by European banks but also the environmental and social responsibility requirements to ensure the project will not cause adverse impact to local community and environment. At the meantime, it meets the common principle of reducing thermal power generation and increasing renewable energy.

FMO and DEG are both AAA rated international development and investment financial institutes. Their common goal is to serve as a financial provider for those projects with positive contribution to the environmental protection and the society. By securing the loan from famous European banks, GES again presents its capability of global developing and global financing.

The solar modules for Month Plate project are sourced from NSP and 132,000 pieces modules have been installed into project phase I with an output of approximately 50,470 MWh per year. It will not only create electricity revenue of US$7.4 million per year, but also cut greenhouse gas emission for more than 35,729 tons of CO2 per year. This project was also recognized with the “Atabey Environmental Award” in the Business category for its distinguished contribution to the development of sustainable energy and the protection of the environment. So far, the project phase II of 35 MW keeps moving on and NSP together with GES will become the largest single investor in Dominican Republic upon the completion of phase II project. As a result, this investment both increases local employment rate and the percentage of renewable energy for the Dominican Republic.

So far, the accumulated Taiwan solar portfolio of GES has reached 118 projects with around 40MW in operating. GES’ worldwide projects are located in the United States, Japan, United Kingdom, and Dominican Republic. The accumulated projects in operating are reaching145MW and the project pipelines (including awarded and under construction projects) of this year will reach around 400MW in worldwide.

Loeb & Loeb LLP advised Electronic J.R.C., S.R.L. and General Energy Solutions Inc. with Frank Lee and Cherice Landers.

In Santo Domingo, Jiménez Cruz Peña advised Electronic J.R.C., S.R.L. and General Energy Solutions Inc. with Katherine Rosa (Picture), Jennifer Beauchamps and Gisselle Valera.

Hogan Lovells advised Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V.(FMO) and Deutsche Investitions- Und Entwicklungsgesellschaft MbH – DEG with Wylie Levone, Thomas Hechl and Patricia Duffy.

Pellerano & Herrera advised Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V.(FMO) and Deutsche Investitions- Und Entwicklungsgesellschaft MbH – DEG with Luis Rafael Pellerano and Joanna Bonnelly.

Involved fees earner: Luis Pellerano – Pellerano & Herrera; Joanna Bonnelly – Pellerano & Herrera; Katherine Rosa Rodríguez – Jiménez Cruz Peña; Jennifer Beauchamps Haché – Jiménez Cruz Peña; Gisselle Valera Florencio – Jiménez Cruz Peña; Frank Lee – Loeb & Loeb Llp; Cherice Landers – Loeb & Loeb Llp; Wylie Levone – Hogan Lovells; Thomas Hechl – Hogan Lovells; Patricia Duffy – Hogan Lovells;

Law Firms: Pellerano & Herrera; Jiménez Cruz Peña; Loeb & Loeb Llp; Hogan Lovells;

Clients: General Energy Solutions Inc.; Deutsche Investitions- und Entwicklungsgesellschaft mbH; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.; Electronic J.R.C., S.R.L.;

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Author: Ambrogio Visconti.