Dominican Republic’s biggest power plant is placed in trust
Santo Domingo.- The Punta Catalina Public Trust Agreement (CTPC Trust) provides for the irrevocable transfer, for the duration thereof, which is 30 years, of the assets and rights of that plant to the Fiduciaria Banreservas, a Reserves Group company. led by the Reserve Bank of the Dominican Republic.
The duration of the trust will be counted from the date of signing the contract and after that period and once the conditions established therein have been fulfilled, the trust assets will be relinquished and reintegrated to the Dominican State, unless expressly extended by the Trustor or the State, according to Article 5 of Decree No. 538-21.
The public trust will have a Technical Committee, which will act as an auxiliary body that will approve the acts required to comply with the purpose and purposes of the trust, and with a Management Unit. “The latter will be headed by an Executive Director to advise on decision-making.”