Dominican State Electricity Companies Corporation (CDEEE) vice president Ruben Jimenez Bichara has announced the signing of a US$120 million loan agreement with the World Bank for the Distribution Grid Modernization and Loss Reduction Project to support the country’s work towards improving the financial performance of the three electricity distribution companies (EDEs) in selected circuits and increasing electricity access in the targeted communities.
“By increasing access to reliable electricity in poor communities, this project not only aims to improve the quality of life in poor neighborhoods, but also addresses a key bottleneck to boost inclusive growth in the country,” said Sophie Sirtaine, World Bank Country Director for the Caribbean.
“This funding will allow scaling up a successful project which already has benefited more than 100,000 Dominicans in the metropolitan area of Santo Domingo,” she added.
The agreement was signed at the CDEEE headquarters in Santo Domingo by the legal advisor of the International Bank for Reconstruction and Development (IBRD), Catherine Abreu.
The Distribution Grid Modernization and Loss Reduction project involves the rehabilitation of 1,003 km of distribution networks and upgrading of electrical interconnection for more than 120,000 customers in priority areas. It is also aimed at reducing commercial losses by installing more than 138,000 remote meters and converting over 73,000 illegal users into regular clients. It also envisions increasing the number of hours of electricity supply to 24h service to all clients in all targeted circuits.
The project will be implemented by the CDEEE and will benefit over one million Dominicans mainly in the provinces of Santo Domingo, San Cristobal, Santiago, La Vega, Puerto Plata and San Francisco de Macoris.
As reported in El Caribe, the funds will be used to rehabilitate 10 Edesur circuits, seven EdeNorte circuits and three EdeEste circuits.
It will be financed under a US$120 million loan over five years with a 20-year maturity period and a four-year grace period. This will be complemented by additional financing from the Inter-American Development Bank, the OPEC Fund for International Development and the European Investment Bank.
http://www.elcaribe.com.do/2016/01/15/cdeee-firman-convenio-por-120
