Coal-fired power plants ‘overvalued’ by US$1.0B: Deputy

Santo Domingo.- Independent deputy Minerva (Minou) Tavarez Mirabal on Tuesday railed against approval of the more than US$656.0 million loan to build two coal-fired power plants, “overvalued by around one billion dollars.”

She said called the credit very expensive since it gives on 42 months to pay, to be amortized in 24 consecutive semi-annual installments.

Tavarez said the country cannot continue borrowing and even less with those which “accost” Dominican Republic’s finances.

She reiterated the project’s alleged overvaluation at around US$1.0 billion, whose contract is challenged in the Supreme Administrative Court on “severe irregularities in the call for tenders.”

The power plants at Punta Catalina, southern Peravia province are currently under the initial construction phase.