Clifford Chance

Clifford Chance advises lenders on solar energy financing in the Dominican Republic

Washington, DC: Global law firm Clifford Chance has advised FMO, the Dutch Entrepreneurial Development Bank, CIFI, and the CIFI Sustainable Infrastructure Debt Fund as lenders in the partial refinancing of Phase I and the financing of Phase II of the Monte Plata solar park project in the Dominican Republic developed by MPC Caribbean Clean Energy Fund LLC.

Upon completion of Phase II, the Monte Plata solar park is set to expand its installed solar PV capacity to 75 MW. The expanded facility is expected to commence commercial operation in Q4 of 2024, marking a step forward in the region's transition to clean energy.

Partner Jessica Springsteen stated, "We are honored to have advised the lenders on the financing of this project, which will contribute to the growth of solar energy production in the Dominican Republic and support the country's sustainable development goals."

Senior associate Alan Sakar added, "As the largest project of its kind in the Caribbean when it first became operational in 2016, the Monte Plata solar park continues to set the standard for renewable energy in the region. We are proud to play a role in advising on the refinancing of Phase I and its Phase II expansion, which will drive the adoption of clean energy solutions."

Working with Springsteen and Sakar on the transaction was counsel Alberto Haito, associate Nicholas Johnson and special legal consultant Pedro Buchanan.

Clifford Chance advises on many renewable energy transactions in the Latin American market, including on the largest renewable energy financing in the Caribbean.