MPC Energy Solutions enters the Dominican Republic and expands its renewable energy portfolio
MPC Energy Solutions (MPCES) has entered the Dominican Republic through a joint development agreement with Soventix Caribbean, a leading regional developer. MPCES owns 51% of the partnership, which aims to develop and build a solar park with a capacity of 50-100 MW by the end of 2022. Soventix Caribbean will be responsible for local development activities and the parties will jointly seek to commercialize the energy and carbon credits.
Juan Esteban Hernandez, head of LATAM project development at MPC Energy Solutions, said, “We are very excited to be in the Dominican Republic, as the country is poised for an energy transformation to become one of the region’s leading renewable energy markets and has a long tradition of independent power producers (IPPs). The Dominican government is continuously working to increase competitiveness and strengthen local power generation through renewable sources. We are delighted to partner with Soventix Caribbean, which has a strong regional position and considerable experience in the development and construction of PV projects in the Dominican Republic and the Caribbean region.
Martin Vogt, CEO of MPC Energy Solutions, said, “This is another important step in the realization of our attractive project portfolio. We are building an operational portfolio as a leading independent power producer (IPP) with a highly diversified portfolio and attractive rates of return.
The Dominican Republic is the largest existing renewable energy IPP market in the Caribbean, with approximately 650 MW of installed wind and solar capacity. The Dominican government aims to generate 25% of its energy from renewable sources by 2025 and plans to be CO2 neutral by 2050. To achieve these goals, the Dominican government has prioritized the development of renewable energy projects. Diversifying the country’s energy matrix and reducing dependence on fossil fuels will be important steps for the Dominican Republic’s future.
Alfonso Rodriguez, CEO and partner of Soventix Caribbean, said, “We are delighted to partner with the professional team at MPC Energy Solutions on this important project. On the path to becoming one of the leading developers of solar power projects in the Caribbean, the Dominican Republic has always been a priority region for us. We share the MPCES vision of a sustainable region, where the natural environment is preserved for future generations and where the economy and society thrive. We believe that our daily work brings us closer to this goal, and this partnership with MPC Energy Solutions is a major contribution.
About MPC Energy Solutions
MPC Energy Solutions is a global sustainable energy provider with a primary focus on low-carbon energy infrastructure, including solar and wind assets, and other hybrid and energy efficiency solutions. The company is involved in the full life cycle of renewable solutions projects, from initial development to construction and operation.