Wave energy project could benefit from incentives law

SME & Design’s wave power generation project would be the first of its type to benefit from the Dominican Republic’s renewables incentives law, an official from the national energy commission’s (CNE) incentives office told wire services.

The legislation does not require tax payments during the first 10 years of renewable energy projects, includes zero import duties and provides up to 75 percent of equipment financing, among other benefits, Business News Americas reported.

CNE has granted the developer a provisional concession to carry out studies for a breakwater system, government information agency CIG reported.

The project is planned for Puerto Plata on the north coast and could boast capacity of up to 132 MW.

SME & Design has 18 months to carry out studies; the next step would be to secure the definitive concession to build and operate the project.

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