Globeleq acquires Eolo de Nicaragua
Globeleq Generation, through its majority owned subsidiary Globeleq Mesoamerica Energy (Wind), has acquired 100% of the interest in Eolo de Nicaragua.
Eolo de Nicaragua has been developing a 44MW Eolo wind project in Nicaragua.
The power project uses 22 units of 2MW Gamesa G90 wind turbine generator.
Distribuidora Electricidad de Sur and Distribuidora Electricidad de Norte, both subsidiaries of Gas Natural of Spain, will buy the electricity generated by the wind project through two 20-year power purchase agreements.
Eolo will also build a new substation and interconnection lines to enable connection to the national grid.
Project debt financing is provided by FMO, The Netherlands Development Finance Company, which also acted as the lead arranger; Proparco, the private sector investment arm of the French development body Agence Francaise de Developpement; and DEG, Deutsche Investitions und Entwicklungsgesellschaft.
Eolo is in the final stages of its submission as a Clean Development Mechanism under the Kyoto Protocol which will enable it to earn carbon credits to sell into the international carbon trading markets.