InterEnergy Group today announced that it, along with its partners, will invest over US$300 million over the next four years to commercialise natural gas in the Dominican Republic.
The strategic partnership resulted in the creation of Energia Natural Dominicana (ENADOM), through InterEnergy’s shareholding in Energas and AES Dominicana, which will provide natural gas to the eastern section of the country via a 50 kilometre pipeline currently under construction.
Additionally, the investment will see the completion of a liquefied natural gas storage tank with capacity of 120 thousand cubic metres, the company shared in a statement today.
“This project reinforces our long-term commitment to bringing reliable and sustainable power to the Dominican market by continuing to deploy significant investments in the country and partnering with global industry leaders such as AES.”– Chairman and CEO of InterEnergy, Rolando González Bunster
Chairman and CEO of InterEnergy, Rolando González Bunster, said “This is a very important partnership, perhaps one of the most important in the country’s energy sector in recent years, as it brings together the collective effort of companies that have made significant investments over the years, which are now being focused on more clean energy.”
The natural gas generated from the project will be used for electricity generation as well as industrial and domestic use, more than 30 per cent of current demand, and projected to increase to 70 per cent within three years.
Natural gas has the lowest environmental impact of any fuel used in the Dominican Republic, InterEnergy said, given that it comes naturally from underground deposits.
“This project reinforces our long-term commitment to bringing reliable and sustainable power to the Dominican market by continuing to deploy significant investments in the country and partnering with global industry leaders such as AES,” Bunster said.
InterEnergy has electricity generation assets in the Dominican Republic through Compañía de Electricidad de San Pedro de Macorí, which is now moving towards natural gas; and its Consorcio Energético Punta Cana-Macao facility, which generates, distributes and commercialises energy solutions.