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Thursday, 11 August 2011

Dominican Republic: $770 million for wind farms

The Dominican Republic plans to install $770 million worth of wind facilities until 2015. To entice wind developers to invest their money in the Dominican Republic, the government is proposing more than double the electricity price charged in other Latin American countries such as Argentina, Brazil or Peru. Two European companies are in the Dominican focus as well: Gamensa Corp Tecnologica SA, Europe’s second largest wind-turbine maker, and Grupo Inveravante from Spain will join the construction process.

If successful, the Dominican Republic “would be beating lower-tier EU countries,” said Fraser Johnston, an analyst at Bloomberg New Energy Finance. By connecting 350 megawatts worth of wind farms to the grid within four years would dwarf efforts by Poland (270 megawatts in six years) and Bulgaria (343 megawatts in seven years). The Dominican government wants to obtain 25 percent of its energy from renewable sources by 2020, up from currently 12 percent. The EU itself has committed itself to a share of 20 percent from renewable energy sources by 2020.

Source: CTA/Bloomberg