Poseidón Energía Renovable
Poseidón Energía Renovable, a company owned by Grupo Energético 23 (G23), is developing, financing and operating the Los Guzmancito wind farm project in the Dominican Republic. STOA became a shareholder in the company in 2021, with the aim of contributing to the development of renewable energy in the country.
Challenges
The Dominican Republic is one of the fastest growing economies in Latin America, but its electricity supply is still too low to support this growth. While the country aims to become carbon neutral by 2050, its energy mix is still largely based on fossil fuels, despite significant wind and solar resources.
The Project
The Los Guzmancito wind farm is located in a high wind potential area near Puerto Plata on the north coast of the country. STOA’s investment has helped to double the original production capacity to a total of 100 megawatts, representing 25% of the country’s wind power capacity.
Involving Local Communities and Protecting Biodiversity
The Poseidón project team includes a community relations officer from one of the local communities near the park. Wells have been installed for local residents, and training in water management has been provided. As part of the project, STOA and GE23 have also launched a multi-year study focused on protecting indigenous bats and their ecosystem.
We are delighted to be partnering with STOA, which brings a wealth of experience, in-depth knowledge of the wind energy sector and international best practice in environmental and social governance.
Ernesto Armenteros, Partner at Grupo Energético 23
Key Facts
Company: Poseidón Energía Renovable
Infrastructure: Wind power
Geographic Area: Dominican Republic
Stake: 30%
Since: 2021
Co-shareholder: Grupo Energético 23
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