Brazil bank finances two Dominican hydro projects

Brazil’s national development bank, BNDES, has approved export financing for construction of the 99-MW Palomino and 91.2-MW Las Placetas hydroelectric projects in the Dominican Republic.

BNDES is to provide US$81.3 million to finance Brazilian goods and services supplied by Construtora Norberto Odebrecht for Palomino, whose total investment will be US$226.3 million. Palomino is to include a water storage dam at Boca de Los Rios at the confluence of the Yaque Del Sur and Blanco rivers.

The bank also is to provide US$71.2 million to finance Brazilian goods and services from Construtora Andrade Gutierrez for Las Placetas, whose total investment will be US$286.2 million. Las Placetas is to include a dam on Bao River, with a tunnel to divert water to the Jagua River.

The operations will be guaranteed by instruments of the Convenio de Pagamentos e Creditos of the Associacao Latino-Americana de Integracao and will count on the Seguro de Credito a Exportacao to cover 100 percent of political and extraordinary risks.

The two hydroelectric projects are considered a priority of the Dominican Republic government. Government-owned Corporacion Dominica de Empresas Electricas Estatales (CDEEE) plans to double the amount of hydroelectric generation in the country. CDEEE currently operates 14 hydroelectric plants totaling 460 MW.

In addition to the engineering and construction services of Odebrecht and Andrade Gutierrez, Brazilian exports are to include hydro turbines, generators, transformers, and valves.

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