14 August 2012
Isofoton and the Government of the Dominican Republic have signed last weekend a Power Purchase Agreement (PPA) giving the company the green light to begin construction of one of Latin America’s largest photovoltaic plants.
The plant will be built in the Dominican Republic and will represent the country’s first such installation. With an investment of $150 million US and located in La Victoria, 15km from Santo Domingo, construction of the plant is expected to begin in September, employing 500 workers during the initial phases. The plant will have a nominal power output of 44MW and a peak power output of 50.6MW. Environmental benefits will also be substantial, since the plant will generate 74,532.61MW/hour per year of clean energy, equaling the estimated supply used by 58,411 families. This entails a reduction of CO2 emissions of 44,014.16 tons per year. PPAs are the most widely extended type of contract in the United States for developing new sources of energy generation.
To compete in the global market and respond to high photovoltaic demand, Isofoton will increase its production capacity up to 1,500 MW over the next 2 years. Isofoton’s President recently announced a 50 Million Euro investment from Samsung for its Malaga facility (Spain) aimed at expanding the production capacity and improving technological efficiency. A new 50MW capacity plant will be inaugurated in Ohio (US) after the summer, with plans to expand capacity to 100MW. Furthermore, two new photovoltaic plants will be inaugurated in Latin America next year, one in the Dominican Republic and another in Ecuador, totaling a combined capacity of 100MW. In Asia, strategic alliances and collaboration agreements are currently under way. Isofoton has recently signed an agreement with GCL-Poly – a leader in the processing and production of polysilicon and silicon wafers and one of the world’s largest green energy companies – to develop 1GW worth of solar projects globally.