The project includes the design, development, financing, construction, operation, and maintenance of a solar photovoltaic power plant with an installed capacity of 10 megawatts. The plant will be located in the community of El Toro, 16 km from Santo Domingo in the Dominican Republic, a small developing island state, and will provide clean, cost-competitive electricity to the equivalent of an estimated 6,000 households annually and will feed directly into the country’s national grid. The project is co-financed by Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds.
Maranatha is Triodos Emerging Markets Renewable Energy Fund's first transaction in Latin America, further diversifying its portfolio.
“Investing in renewable energy is essential in creating a reliable and affordable energy supply. This contributes to social and economic development and to mitigating climate change”, says Marius Groenenberg, Principal Investment Manager at Triodos Investment Management. “We are therefore very pleased to participate in this impactful initiative”.
The Dominican Republic is working to reduce its dependence on fossil fuels to increase its energy independence, clean energy production, and improve business competitiveness. Alongside the positive impact Maranatha will have on climate action, the organisation has also committed to creating an inclusive and safe working environment. Knowing that, globally, women only represent an estimated 19% of the renewable energy workforce, Maranatha will partner with local networks and universities to recruit and hire women. Furthermore, staff will receive training on gender equality, anti-harassment and discrimination, and gender-based violence prevention. This transaction is 2X qualified as women represent 50% of the leadership team and given Maranatha intentionality towards women empowerment.