The investment bank Goldman Sachs has announced its purchase of Cogentrix for an undetermined amount. Cogentrix is the parent company of the San Pedro de Macoris electric company that operates the 300-megawatt generating facility, shut down for nearly a year now. Cogentrix owns 26 generating plants and brings the total capacity of Goldman Sachs to 3,300 megawatts of energy worldwide. In the Dominican Republic, the Cogentrix plant has been out of operation due to a continuing conflict with the government over payment for electricity produced and installed capacity fees. Just last week the credit agency Fitch downgraded the Cogentrix stock to negative watch, after the IDB reported on the debt owed by the government. According to the article in El Caribe, there is an accumulated debt of US$135 million.
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