Economy September 17, 2018 | 7:05 pm

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Punta Catalina 95% done; US$336.0M ensures completion

Santo Domingo.- Punta Catalina power plant general manager Jaime Aristy Escuder on Mon. said construction of the facility is 95% finished, and created a US$336.0 million contingent fund was created to ensure completion of the work.

He said the fund stems from an agreement reached between the Odebrecht-Tecnimont-Estrella conglomerate and the Government, “which does not modify the cost of the work of US$1.95 billion.”

Aristy said that each allotment is disbursed against executed expenditure and is audited.

He added that, if the State wins arbitration, the conglomerate will have to pay the US $336.0 million of the fund and “perhaps” some other penalty stipulated in the agreement.

“It will allow the first unit to synchronize later this year,” the official said at a press conference in State Electric Utility (CDEEE) headquarters.

The energy injection will be progressive, the official said, and affirmed that the plant will be at full capacity in August.

Aristy added that Punta Catalina will produce energy at a “much lower than the spot market price.”

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