SANTO DOMINGO, Dominican Republic--(BUSINESS WIRE)--The investment fund management company, GAM Capital, through its closed-end fund, GAM Energía, acquired an equity stake in Parques Eólicos del Caribe, SA (Pecasa) – a 50 MW wind farm located in El Copey, province of Monte Cristi, northwest of the Dominican Republic, for an undisclosed amount.
The transaction marks a milestone since, for the first time in the Dominican Republic, a publicly traded fund invests as a shareholder in the energy sector, one of the main engines of the country's economy, thusly contributing to improve the composition of the country's sustainable energy matrix. Among the most important investors of the GAM Energía Fund are professional and institutional clients.
GAM signed an agreement on December 18, 2019 to acquire a stake in Akuo Energy Dominicana, SRL (Akuo), the entity which owns 100% of Pecasa. As a result, GAM Energía joins Akuo Energy and Siemens Financial Services as a partner in the project.
The park became operational as of June 2019 with a 50 MW capacity and has 25 wind turbines. It is one of the largest renewable energy projects in the Dominican Republic and is expected to contribute in the reduction of greenhouse gases.
“At Akuo Energy we are very proud of this contribution that further improves the composition of the country’s sustainable energy matrix. In GAM Capital, we have found a partner that allows all Dominicans who contribute to their Pension Funds to participate in this effort and both its environmental and economic benefits,” expressed Salvatore Longo, Country Manager of Akuo Energy for the Dominican Republic.
The project benefited from a financing package headed by the International Finance Corporation (IFC), a member of the World Bank Group, with the support of the Government of Canada as part of the work of the IFC-Canada Climate Change Program, as well as with the Support from Proparco, part of the French Development Agency (AFD), FMO – the Dutch Entrepreneurial Development Bank and the German Investment Corporation (DEG).
About GAM Capital
GAM Capital, SA is an Investment Fund Management Company established in 2002 under the laws of the Dominican Republic. Duly authorized by the Superintendence of Securities of the Dominican Republic [known as Superintendencia del Mercado de Valores (SIMV)] to operate as an Investment Fund Manager, aimed at promoting and developing the Dominican Stock Market. GAM Capital, SA currently manages the largest closed-end investment fund in the Dominican Stock Market Registry.