Siemens Financial Services (SFS) announced its funding of the Pecasa project, a large wind farm, a first for the company in the Caribbean region.
The Pecasa wind plant located in Montecristi, in Dominican Republic, is in operation since May 2019. With its 25 wind turbines of 2 MW each, the plant has a total of 50 MW power capacity. Pecasa is known as one of the largest wind farms in the Dominican Republic.
The wind farm is majority-owned by Akuo alongside Siemens Financial Services. The plant also received funding from International Finance Corporation (IFC), a member of the World Bank Group, along with support from the Canadian government within the framework of the IFC-Canada Climate Change Program, which aims to support the transition of developing countries to low-carbon economies, alongside Proparco, DEG and FMO.
Developed by French company, Akuo Energy, the Pecasa wind farm is one of three recent equipment and service orders for Siemens Gamesa Renewable Energy (SGRE) in the Dominican Republic. The company says the investors have leveraged a new joint go-to-market approach established with Siemens Financial Services (SFS), to tap into SFS’s expertise not only on Siemens’ technology, but on the nuances of project finance and renewable energy investment.
SFS has a co-ownership stake in our projects, which underscores the overall viability of the project. As co-owner, SFS is taking a 33% ownership stake in the project alongside Akuo. SGRE’s order includes engineering, supply, delivery, installation and commissioning of 25 turbines.
This project represents SFS’s first renewable equity investment in the Caribbean and an important project for SGRE as it seeks to expand its footprint in the Latin American region.
Siemens highlights that not only is this their first wind investment in the Caribbean, but it also reflects the company’s commitment to supporting the communities located near the site. The project’s development not only provides local employment opportunities, but also improvements to infrastructure – such as access to clean drinking water – and so Akuo has been able to help provide this vital resource to residents living in a drought-prone area.
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Akuo Energy
Siemens
9 December 2024