Private equity firm adds solar power for mining operation

FOS Asset Management-owned Falconbridge Dominicana (Falcondo) and Empresa Generadora de Electricidad Haina inked a deal earlier this month to buy and sell photovoltaic energy to be used to power Falcondo’s mining operations. Marcos Camhis, founder of Swiss firm FOS Asset Management, said that he is pleased that private equity can make a difference, including job creation with totals 2,000 strong work force at his Dominican Republic-based ferronickel mining company Falcondo. Camhis, director of Falcondo said, “The use of renewable energy to power Falcondo’s operations adds to the firm’s positive track record on environmental development and aligns with its ambitions to become an increasingly sustainable operation.” FOS bought Falcondo in 2015 from Glencore and quickly turned the company around to be a top nickel exporter. He also sits on the board of Falcondo and of its parent company Americano Nickel. The new contract with EGE Haina means that the energy Falcondo needs for the production of ferronickel, which is used primarily in the production of stainless steel. The energy supplied will be produced at the Sunflower Solar Park, which EGE Haina plans to build in the coming months in the San Cristobal province in the Dominican. The capacity will be 120 MW. With the agreement, officials said that Falcondo will replace part of the thermal energy it uses in its facilities with renewable energy, and will become the first mining company in the Dominican Republic to use renewable energy in its operations. The solar operation is expected to be up and running by January 2021 and is being build on a 220-hectare site, where solar radiation is higher than average levels in the Dominican Republic. The project will include the installation of some 300,000 photovoltaic modules, a 150 MVA power substation and a 10 km long transmission line that will operate at 138 kV. Ioannis Moutafis, president of Falcondo said that “this agreement shows that mining can operate in an environmentally friendly way. We thank EGE Haina for the execution of this project, which is a milestone, not only for Falcondo, but for the entire nation.” The General Manager of EGE Haina, Luis Mejía Brache expressed his satisfaction of “contributing to Falcondo's operations through the development of the Sunflower Solar Park, which will be the largest photovoltaic generation plant in the country”. The effort will add even more jobs in the Dominican Republic. The project development will require EGE Haina to hire more than 300 new employees, predominantly labor located in the immediate vicinity of the project.

Private equity firm adds solar power for mining operation

Continue Reading With a Free Trial

Private capital firms lend a hand to music retailer Guitar Center

Former Bessemer CIO joins Bridgewater

Welcome to Alternatives Watch

Buck hires former AndCo exec for manager research

Legendary trader Salem Abraham opens Fortress strategy to outside investors

GCM Grosvenor to go public on NASDAQ

Ropes & Gray: U.S. loan origination leading credit strategy

H.I.G. closes European PE fund at €1.1bn

Stanhope, FWM merger to combine alts businesses

NJ pension system invests in data infrastructure, ILS

Private credit firms set to finance $100bn in loans this year

Continue Reading With a Free Trial

Be an Alts Watcher

Subscribe to our mailing list and know first!

H.I.G.’s BDC announces quarterly distribution

Sacramento adds $45m to absolute return strategy

Related Articles

Get our daily news digest in your inbox

Get our daily news digest
in your inbox