ELECTRONIC J.R.C. S.R.L.
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
FMO’s client and developer of the Project is Electronic J.R.C. S.R.L., a Dominican subsidiary of the General Energy Solutions INC (GES), that is solely set up to develop, construct, finance and operate the Monteplata project. Estimated total project costs of Phase I of the Project are USD56 m. FMO is providing USD19m senior loan.
What is our funding objective?
The objective of FMO’s financing is to fund the construction and operation of a 33MW solar power plant in Monteplata region in the Dominican Republic.
Why do we fund this investment?
FMO funds this project as it provides an additional source of clean, renewable energy to the Dominican Republic, a country which is heavily reliant on fossil fuel imports and dominated by thermal power plants.
What is the Environmental and Social categorization rationale?
This is a category B+ project with potential limited adverse social and environmental (E&S) risk and / or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures. This project is now in operations meaning that all construction activities with higher probability of negative impacts have ceased. Nevertheless this project was screened against all Performance Standards and FMO’s E&S due diligence indicated that the investment had impacts which were managed in a manner consistent with the following Performance Standards: PS 1 - Assessment and Management of Environmental and Social Risks and Impacts; PS 2 - Labor and Working Conditions; PS 3 - Resource Efficiency and Pollution Prevention; PS 4 - Community Health, Safety and Security. Performance Standards 5 to 8 were not deemed to be triggered.
More investments
| Date | Total FMO financing |
|---|---|
| 12/19/2023 | USD 15.00 MLN |
- Region
- Latin America & The Caribbean
- Country
- Dominican Republic
- Sector
- Energy
- Effective date
- 12/19/2017
- Total FMO financing
- USD 19.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+