Manzanillo Gas & Power secures financing for the remaining US$1.067 billion needed for its full execution

Manzanillo Gas & Power (MG&P) reported the closing of the US$1.067 billion financing for its integrated natural gas and power generation project in Manzanillo, Montecristi province. The operation secures all the necessary resources for its execution, whose total investment exceeds US$1.7 billion.

To date, the project has an accumulated investment of over US$527 million and an approximate progress of 40%, according to the approved schedule, and will begin injecting energy into the National Interconnected Electrical System (SENI) at the end of 2027, with its completion expected at the beginning of 2028.

MG&P integrates an import, storage, and regasification terminal for liquefied natural gas (LNG), along with two combined cycle plants of approximately 420 megawatts (MW) each, for a total capacity of 840 MW. The infrastructure also includes an interconnection gas pipeline and a 345 kV transmission line, which will allow the integration of energy into the SENI.

The financing was structured by Citi, JPMorgan, IDB Invest and CAF, with the participation of international and national banks, reflecting the support of multilateral, regional and commercial banks for a project that is executed under international technical, environmental and social standards.

The project will have a structural impact on the national energy system by increasing the country’s installed capacity by more than 15%, providing more efficient generation that reduces emissions and facilitates the integration of renewable energy.

“This financial closing strengthens the security and reliability of the Dominican electrical system, increases the country’s installed capacity by more than 15% and reduces dependence on more expensive and high-emission fuels. The project will allow the substitution of fuel oil and diesel for natural gas, decreasing the environmental impact, providing price stability and greater resilience to the SENI, in alignment with the National Development Strategy 2030 and the Electric Pact 2021–2030”, said Luis Mejía Brache, chairman of the board of directors of MG&P.

According to a note from the company, MG&P is developed under environmental, social, and community compliance frameworks, based on impact assessments, mitigation plans, and dialogue mechanisms with local actors, in line with national legislation and the requirements of international financial organizations participating in the project.

During the construction phase, the project will generate more than 2,000 direct jobs, in addition to boosting the hiring of local suppliers and services. It is noteworthy that its location in Manzanillo contributes to the productive development of the northwest as a new energy and logistics hub in the country.