Dominion has completed the sale of six solar parks in the Dominican Republic, marking a significant shift in its strategic approach to renewable energy investments. The company sold 80% of its stake in the solar parks, which have a combined capacity of 321 megawatts peak (MWp), to funds managed by Pioneer Funds and JMMB Funds, advised by GP Capital Partners. The transaction, valued at over $375 million, is expected to bring in a cash inflow of $102 million, with $82 million anticipated in 2025.
Dominion retains a 20% stake in the solar parks until 2027, a move that underscores its commitment to fostering long-term partnerships and contributing to future project development in the country. “This transaction is a key milestone in our strategy for portfolio simplification and asset optimisation,” said a Dominion spokesperson. “It allows us to redirect resources towards new opportunities in environmental services, decarbonisation, and the circular economy.”
The sale is part of Dominion’s broader vision to establish itself as a turnkey project facilitator for independent power producers (IPPs). The solar parks are secured by long-term power purchase agreements (PPAs), ensuring a stable revenue stream for the new investors. This divestment aligns with Dominion’s commitment to the global energy transition, enabling it to focus on facilitating the growth of renewable energy through collaborative frameworks.
With operations in over 35 countries and a workforce of 10,000 professionals, Dominion supports sustainability through integrated solutions that combine technology, engineering expertise, and environmental ethos. The company provides 360 projects and sustainable services, contributing to the energy, industrial, and digital transitions.
This strategic move by Dominion could set a precedent for other energy companies looking to optimise their portfolios and redirect resources towards emerging opportunities in the renewable energy sector. By retaining a minority stake, Dominion ensures its continued involvement in the projects while freeing up capital for new ventures. This approach could encourage other companies to adopt similar strategies, fostering a more dynamic and collaborative renewable energy market.
The transaction also highlights the growing interest of investment funds in renewable energy projects, particularly in regions with strong regulatory support and stable revenue streams. This could spur further investment in the sector, accelerating the global energy transition. As Dominion shifts its focus towards environmental services and decarbonisation, it may inspire other companies to explore new avenues for growth within the renewable energy landscape.