SOVENTIX GmbH, headquartered in Duisburg, Germany, has taken over the Monte Plata solar energy project in der Dominican Republic as part of a tendering process from Wirsol AG. This plant, with an output of 64 Megawatts peak (MWp), is currently the largest solar energy project in the Caribbean. The purchase contract with the insolvency administrators was finally signed at the beginning of this week.
The construction for this project has been divided into two phases and started already at the end of last year but, in consequence of the insolvency of Wirsol AG, only the initial work could be realized. Soventix is already planning to complete the first construction phase, with almost 30 MWp, in this year. The second construction phase with a further 34 MWp is to follow in 2015. The core of the project is a 20-year energy sales contract with the local energy supplier who gives substantial support to the development of renewable energies.
"We are delighted to have been able to take over the Monte Plata project, which enables Soventix to boost its international business activities. It also allows us to realize a milestone project in what is, for us, the interesting market in the Dominican Republic", said Thorsten Preugschas, CEO of Soventix. "At the same time it is important for us to recognize that emerging economies such as the Dominican Republic can take advantage of the opportunities provided by renewable energies, whereas we have to acknowledge that the energy revolution in Europe, and particularly in Germany, has been unsuccessful. We soon hope to be satisfying the recent demand for the rapid development of renewable energies from the Intergovernmental Panel on Climate Change with further activities such as these".
By taking a step into the Dominican Republic, Soventix is furthering its consistent process of internationalization which has taken it beyond Europe into countries such as South Africa, Canada and Chile. "The trend towards solar energy can be seen in many countries, where photovoltaic power plants supply electricity in many places at the price of conventional carriers and at times of high energy requirement. Additionally, the use of long-term energy purchase contracts is also an established model for both energy suppliers and private companies to present investments in larger facilities with the aid of investors from third-party countries", said Claas Fierlings, CFO of Soventix GmbH.
The construction for this project has been divided into two phases and started already at the end of last year but, in consequence of the insolvency of Wirsol AG, only the initial work could be realized. Soventix is already planning to complete the first construction phase, with almost 30 MWp, in this year. The second construction phase with a further 34 MWp is to follow in 2015. The core of the project is a 20-year energy sales contract with the local energy supplier who gives substantial support to the development of renewable energies.
"We are delighted to have been able to take over the Monte Plata project, which enables Soventix to boost its international business activities. It also allows us to realize a milestone project in what is, for us, the interesting market in the Dominican Republic", said Thorsten Preugschas, CEO of Soventix. "At the same time it is important for us to recognize that emerging economies such as the Dominican Republic can take advantage of the opportunities provided by renewable energies, whereas we have to acknowledge that the energy revolution in Europe, and particularly in Germany, has been unsuccessful. We soon hope to be satisfying the recent demand for the rapid development of renewable energies from the Intergovernmental Panel on Climate Change with further activities such as these".
By taking a step into the Dominican Republic, Soventix is furthering its consistent process of internationalization which has taken it beyond Europe into countries such as South Africa, Canada and Chile. "The trend towards solar energy can be seen in many countries, where photovoltaic power plants supply electricity in many places at the price of conventional carriers and at times of high energy requirement. Additionally, the use of long-term energy purchase contracts is also an established model for both energy suppliers and private companies to present investments in larger facilities with the aid of investors from third-party countries", said Claas Fierlings, CFO of Soventix GmbH.
