European Banks Disburse $200M for Santo Domingo Thermoelectric Plant
SAN JUAN – A pool of European banks disbursed $200 million in financing toward the construction of the Punta Catalina thermoelectric plant in Santo Domingo, the Dominican Republic’s state-owned electric utility announced Tuesday.
The Dominican Corporation of State-Owned Electrical Enterprises (CDEEE) said the disbursement, which took place Dec. 30, was dispatched directly to the suppliers of the work’s main components, such as the plant’s turbines, boiler and transformers.
Rubén Jiménez Bichara, executive vice president of the CDEEE, noted the disbursement was the first out of a total investment of $632.5 million in the project, which includes the risk premium. The banking pool—which consists of France’s Societe Generale, Spain’s Banco Santander, the Netherlands’ ING Bank, Italy’s Unicredit and Germany’s Deutsche Bank—disbursed the funds after ensuring the project fulfilled environmental and social parameters. The funding also has the guarantee of Sace, Italy’s export credit agency.