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Press release
May 23, 2023
Solar farm

FinDev Canada and Triodos announce USD $10.2M loan to Maranatha

Press Releases

The investment will increase the production of renewable energy in the Dominican Republic



  • Supporting transition to a low‑carbon economy: The high cost of fossil fuel imports and the direct consequences of its usage on climate change have made the advancement of renewable energy projects a priority for the Government of the Dominican Republic. The country has committed to reducing its greenhouse gas emissions (“GHG”) by one third before 2030 (using 2010 data as benchmark) and has set national targets to increase the contribution of renewable energy sources in electricity generation to 25% by 2025 (18% in 2021)1 .
  • Diversifying sources of electricity generation: The majority of the Dominican Republic’s electricity generation is produced from fossil fuels (40% natural gas, 31% coal and 11% fuel oil), and the rest is generated through hydro (8%), wind and solar plants (10%)2. The deployment of new renewable energy plants contributes to increasing domestic electricity production, in the long‑term contributing to the reduction of electricity costs and higher energy security. The Maranatha project will increase the supply of clean energy to the East grid of the country, contributing to the decrease of fossil fuel use and imports. This will result in estimated 20,800 tons of GHG emissions avoided annually over the two construction phases of the project

Women's Economic Empowerment

Maranatha is 20% owned by a woman from the Dominican Republic, and 50% (3 out of 6) staff on the leadership team are women


  • Enhancing energy security: The construction of a solar plant with a nominal capacity of 20 MW in the Dominican Republic will feed directly into the national grid, increasing the share of renewable energy in the country’s energy mix, providing electricity to thousands of households annually, and contributing to the sustainable growth of the island.
  • Supporting local job creation: The company will create local job opportunities during the operation and maintenance phase of the project, with employees receiving benefits such as health insurance, parental leave and pension fund contributions. They will also receive capacity building and training opportunities.
  • Upskilling of employees: All staff will be trained in first aid, protection and safety measures, as well as environmental and human rights, and some will receive specific skill trainings on areas such as carpentry, electricity, and masonry.