DOMINION, a multinational provider of sustainable energy solutions, has completed the sale of a majority stake in six solar parks in the Dominican Republic with a combined capacity of 321 megawatts peak (MWp). The transaction, valued at more than $375 million, was finalized with investment funds managed by Pioneer Funds and JMMB Funds, with advisory support from GP Capital Partners.
The agreement includes the divestment of 80% of DOMINION’s ownership in the assets, while the company retains a 20% stake through 2027. According to DOMINION, the arrangement allows for continued collaboration with the new investors and supports the company’s broader strategy to advance renewable energy initiatives in the region. The solar parks are supported by long-term power purchase agreements (PPAs), providing revenue stability and operational certainty.
The sale is expected to result in a total cash inflow of $102 million for DOMINION, with $82 million projected to be received in 2025. The company said the proceeds will be used to optimize its portfolio and reinvest in areas such as environmental services, decarbonization, and circular economy initiatives. “The transaction is a key milestone in our strategy for portfolio simplification and asset optimization,” a DOMINION spokesperson said.
DOMINION, which operates in more than 35 countries with a workforce of around 10,000, provides technology and engineering services for energy, industrial, and digital sectors. The company said the transaction enhances its role in supporting independent power producers (IPPs) through the development of turnkey renewable energy projects.
The company added that by retaining a minority interest, it will continue to play a role in the Dominican Republic’s clean energy sector while strengthening partnerships for future developments. The transaction is part of DOMINION’s efforts to streamline operations and increase its focus on sustainable infrastructure worldwide.
