Montecristi Solar FV, S.A.S.
Status: Proposed investmentWhy disclosure?
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In case of questions
We welcome feedback on this proposed investment opportunity for FMO. The ending of the proposed investment phase is indicated on the right side of this page. 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 prospective customer?
The Project is implemented by Montecristi Solar F.V., S.A.S., a Dominican Republic-incorporated special purpose vehicle owned by Blue Elephant Energy GmbH.
What is our funding objective?
FMO intends to expand its commitment to the 58MWp solar power plant (“Phase I”) by providing a loan in a DEG-led consortium for the development, financing, construction, operation, and maintenance of an adjacent 58MWp second-phase solar power plant (“Phase II”) in the province of Monte Cristi in the Dominican Republic.
Why do we want to fund this investment?
This transaction aligns with FMO’s Energy strategy. The funding will be used to finance a 100% green power generation project, supporting the Dominican Republic Government's ambition to reach 30% 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.
What is the Environmental and Social categorization rationale?
The transaction is designated as Category A on environmental and social aspects. DEG’s environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards: PS1: Assessment and Management of Environmental and Social Risks and Impacts PS2: Labor and Working Conditions PS3: Resource Efficiency and Pollution Prevention PS4: Community Health, Safety and PS6: Biodiversity Conservation and Sustainable Management of Living Natural Resources The E&S categorisation is due to the presence of natural habitat on the site triggered by the presence of vulnerable plant species. These impacts will be mitigated and managed in a manner commensurate with its environmental sensitivity, through acceptable and widely applied measures. Social impacts of the project are deemed limited and can be avoided or mitigated by adhering to generally recognized mitigation measures as well as sensitive design controls. Potential impacts from construction activities besides being mitigable, are likely to be short-term and limited to project site. The project will take historical land use, if any, into account in its dealings with local communities going forward. IFC PS 7 and PS 8 are considered not relevant to this transaction as: There are no indigenous peoples residing in the project area or affected by the project. No significant cultural heritage features have been found to date within the site, however a Chance Find Procedure will be applied during construction and operations.
More investments
| Date | Total FMO financing |
|---|---|
| 11/2/2017 | USD 20.75 MLN |
- Website customer/investment
- https://blueelephantenergy.com/en/
- Region
- Latin America & The Caribbean
- Country
- Dominican Republic
- Sector
- Energy
- Publication date
- 10/13/2025
- Deadline for feedback
- 12/12/2025
- Total FMO financing
- USD 13.20 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) - A
- Translation
- https://www.fmo.nl/montecristi-solar-f.v.%2c-s.a.s.