LCV Ecoener Solares Dominicana, S.R.L.
Status: Approved investmentWhy disclosure?
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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?
LCV Ecoener Solares Dominicana S.R.L. (the “Borrower”) is a Dominican Special Purpose Vehicle (SPV) owned 100% by Grupo Ecoener S.A. (Ecoener Group or the “Group”). Ecoener Group is a growing Spanish renewable energy developer and investor, listed on the Spanish stock exchange since 2021, and majority-owned (71%) by its founder and president, Luis de Valdivia, a Spanish entrepreneur with over 37 years of experience in renewable energy. As of January 2026, the company has a portfolio of 815 MW of renewable energy in operation and construction and has an additional 2,089 MW in development. It operates in several markets, including Spain, Colombia, Honduras, Guatemala, Panama, and the Dominican Republic, and is expanding to Canada, Poland, Italy, Romania, and Greece. In the Dominican Republic, the company has several projects, including Cumayasa I&II (96.5 MWp solar in operation), Cumayasa IV (62 MWp solar in construction), Payita I (60 MWp solar), and several other projects in development.
What is our funding objective?
The FMO financing consists of USD 27.5 million in long-term senior debt, used to finance the Payita project, a two-phase 120 MW solar photovoltaic project (+15MW BESS) under the same SPV, located on two adjacent plots of land in María Trinidad Sánches, in the northeast of the Dominican Republic. Phase I of the project consists of a 60 MWp solar photovoltaic installation, and its construction was completed in 2025. Phase II consists of another 60 MWp photovoltaic installation and 15 MW of battery storage. The project also includes a 40m connection to the existing 138kV line between Rio San Juan and Nagua. The Payita debt financing totals USD 110 million. FMO provides a committed USD 10.37 million for Phase I and USD 10.87 million for Phase II, and an additional uncommitted USD 6.26 million to be potentially added for Phase II. FMO also mobilised a total of USD 13.8 million through the SDG Loan Fund participation in the transaction.
Why do we fund this investment?
This transaction aligns with FMO’s Energy strategy. The funding is used to finance a 100% green power generation project and battery storage, with an expected output of 229 GWh per year. In line with this, the investment has been labeled as Green for its contribution to climate-positive energy generation. The project supports the Dominican Republic government's ambition to reach at least 25% of renewable power generation by 2030. FMO has a longstanding track record and experience investing in the country, being one of the first lenders to renewable projects. Payita will notably be the second project financed by FMO in the Dominican Republic that includes a battery storage component, a technology highly promoted by the Dominican Republic government to help promote the stability of the national grid.
What is the Environmental and Social categorization rationale?
The Environmental and Social (E&S) category for this project is classified as B+, as defined by FMO's Sustainability Policy. IFC Performance Standards (PSs) triggered are PS1, PS2, PS3, and PS4 for Payita I. The same IFC PSs are triggered for Payita II as confirmed during the Environmental & Social Due Diligence (ESDD) process. Key E&S risks and issues at Payita II include labor and working conditions, including occupational health and safety aspects, and associated impacts on the surrounding communities. Land acquisition was conducted on a willing-buyer, willing-seller basis, and further analysis of land ownership and land use did not raise any concerns from the perspectives of PS5 or PS6. Impacts on Haitian communities, which are considered vulnerable groups in the Dominican Republic, are not expected. All the project’s workforce is expected to be local; therefore, no accommodation camp is expected to be needed. No further land acquisition or resettlement was necessary for the 40m transmission line (T-line) associated with the project due to the proximity of the substation. Updated assessments of their E&S performance indicate that the Borrower has gradually demonstrated a good level of willingness and commitment to meet the IFC PSs, built through previous interactions and existing working relationships with other European Development Finance Institutions.
More investments
| Date | Total FMO financing |
|---|---|
| 11/5/2025 | USD 10.88 MLN |
- Website customer/investment
- https://www.ecoener.es/en
- Region
- Latin America & The Caribbean
- Country
- Dominican Republic
- Sector
- Energy
- Publication date
- 8/1/2025
- Effective date
- 11/5/2025
- Total FMO financing
- USD 10.37 MLN
- Funding
- FMO NV
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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+
- Translation
- https://www.fmo.nl/lcv-ecoener-solares-dominicana%2c-s.r.l.