Economy January 5, 2016 | 8:11 am

European banks disburse US$200M for coal-fired plants

Santo Domingo.- A poolof European banks on December 30 disbursed US$200.0 million for the coal-firedpower plants being built at Punta Catalina (south), after verifying that theproject meets all environmental and social parameters which internationalcommunity and multilateral organizations require.

The funds from the firstdisbursement were sent directly to suppliers of the facility´s key componentssuch as turbines, boiler, transformers, among other priority equipment to coverpending commitments.

State-owned ElectricUtility (CDEEE) CEO Ruben Jimenez said it´s the first partial disbursement of atotal US$632.5 million, a figure that includes the risk premium.

Among the pool of bankswhich finances part of the power plants being built in Peravia province figure France´sSociete Generale, Banco Santander of Spain, ING Bank of the Netherlands,Unicredit of Italy and Deutsche Bank of Germany. The funding also has theguarantee of Sace, Italy´s export credit agency.