Globeleq to Provide More Renewable Energy in Central America

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LONDON, Nov. 8, 2010 /PRNewswire/ -- Globeleq Generation Limited, the emerging markets power company, announced the Cerro de Hula (CdH) wind energy plant in Honduras has reached financial close and that formal notice to proceed with construction has been issued.  

Globeleq's majority owned subsidiary, Energias Renovables de Mesoamerica S.A. (known as Mesoamerica Energy) the owner, operator and leading developer of wind projects in Central America has been developing the 102 MW CdH wind energy project through its locally owned entity, Energia Eolicas de Honduras, S.A. (EEHSA).  Once the project becomes operational, it is expected to generate 6 percent of the country's power.

Globeleq's CEO, Mikael Karlsson noted the importance of having reached this significant milestone.  "Cerro de Hula will be the first wind plant in Honduras and the largest wind plant in the Central American region.  It is a cornerstone for Globeleq and Mesoamerica Power (its regional partner), in our strategy to develop the leading renewable energy company in Central America."

EEHSA is working towards registration of CdH as a Clean Development Mechanism (CDM) project under the Kyoto Protocol. Karlsson added: "The CdH project reflects Globeleq's commitment to sustainable development and lower greenhouse gas emissions, contributing to economic growth, social progress and ensuring the project's environmental objectives are fully met."

The CdH wind plant will consist of 51 x 2 MW Gamesa G87 wind turbines and will supply the national utility company, Empresa Nacional de Energia Electrica under a 100 MW, 20-year power purchase agreement.  The facility will be constructed by the Gamesa Wind US LLC and Iberdrola Ingenieria y Construccion Mexico consortium.  Commercial operation is anticipated in early 2012.  Non-recourse project financing is provided by the Export-Import Bank of the United States and the Central American Bank for Economic Integration.

Located 17 km south of Tegucigalpa, Honduras, in the municipalities of Santa Ana and San Buenaventura, the greater project area is spread over approximately 6,500 hectares.  Jay Gallegos, Mesoamerica Energy's Managing Director commented:  "We are all very excited about this project.  It marks the culmination of many years' planning and hard work by a dedicated team.  Extensive environmental requirements have been met and EEHSA has pioneered an impressive unique land acquisition/leasing program resulting in many landowners legally owning land for the first time."

About Globeleq Generation Limited

Globeleq is an experienced operating power company, actively developing energy solutions for the emerging markets of Africa, the Americas and Asia. The company develops economically sustainable projects that support the continued development of the electric power sector in these regions. www.globeleq.com

About Mesoamerica Power

Mesoamerica Power is a Central American investment group focused on the development of renewable energy in the region.  Mesoamerica Power is managed by Mesoamerica, the leading private equity, mergers and acquisitions and strategic consulting firm in Central America and the Andean Region.  www.mesoamerica.com.

About Mesoamerica Energy

Mesoamerica Energy is a company dedicated to the development, construction and operation of renewable energy projects in Central America and adjacent regions. www.mesoamericaenergy.com

SOURCE Globeleq Generation Limited