Urbasolar gets green light to sell Dominican solar project to Akuo

France’s Urbasolar has been granted regulatory approval to sell its ownership in a solar development vehicle in the Dominican Republic to French renewables firm Akuo Energy.

The Dominican power regulator SIE said in a resolution last week that it approves the transaction, allowing Akuo Energy and its holdco to fully acquire all 3,000 shares in the vehicle Energia Solar del Este Cabreto I SAS.

This entity holds a definitive 30-year concession to build and operate the 50-MW/55.4-MWp Este Cabreto I solar photovoltaic plant in Santo Domingo province. The concession was granted to Urbasolar in November 2021.

In March 2022, Urbasolar’s project vehicle signed a power purchase agreement (PPA) with Dominican power distributor EDEESTE, the SIE’s resolution states.

Two years later, on March 7, 2024, Energia Solar del Este Cabreto I SAS sought the SIE’s approval to be fully taken over by Akuo Energy and Akuo Holdco. In this transaction, Akuo will also inherit Urbasolar’s duties as the solar project concessionaire.

The SIE found that the deal would not affect the competition in the market. The regulator said that Akuo has the technical capacity and financial muscle to carry out the Este Cabreto I solar project in line with the terms of the concession agreement with the Dominican state.

Urbasolar’s plan was the start construction of the solar farm some time in 2023, as it said in a November 2021 press release announcing the concession. It is unclear whether the project broke ground.

Akuo’s website lists the company as having a 50-MW wind project, a 55-MW solar project and a solar-plus-storage scheme in the Dominican Republic.

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