SANTO DOMINGO, Dominican Republic, Oct. 14, 2011 /PRNewswire/ -- VICINI, a leading asset management company in the Dominican Republic and the Caribbean, is pleased to see the completion of the first phase of what is to become the largest wind farm in the Caribbean with a future generation capacity of 77 Megawatts. The wind farm Los Cocos, which was inaugurated today, comprises 14 windmills, and accounts for approximately 3% of the Dominican Republic's power capacity providing electricity for 90,000 families.
The second phase will add 19 new windmills to reach a total of 33 windmills each generating 1.8 Megawatts. The project, developed and operated jointly by EGE Haina and the Energy Consortium of Punta Cana, will generate over 10% of the country's power capacity upon completion.
"We are particularly proud of this investment, which is the first of its kind in the Dominican Republic," said Rafael Velez, VICINI's Energy and Industry Fund manager. "Alternative sources of energy are critical to the sustainable economic growth of the Caribbean, and VICINI is in a unique position to spearhead this growth by promoting the modernization of the energy sector and investing in alternative energies."
VICINI's Energy and Industry Fund, a major investor in the project, promoted community involvement in the project as a means to foster both local and regional economic development.
"This is a long term commitment to alternative energies from VICINI and we do not intend to stop here," added Rafael Velez. "This type of investment is not only beneficial to the country but most importantly, it makes good business sense. This is why we are exploring other opportunities in the Caribbean and in Central America to bolster our energy investments."
VICINI is a private asset management company, with assets under management in diverse industries including food and beverage, manufacture, agriculture and energy, banking and financial services, media, tourism and real estate development in the Dominican Republic and the Caribbean.
Within the asset management industry, VICINI stands out as a company that prioritizes its talent management and commits to the sustainable development of the countries where it operates. VICINI is an ideal strategic partner with of over 150 years of investing experience in the Dominican Republic; during which time it has evolved from a family business to a highly diversified and consolidated family-run enterprise.