LONDON, Jan. 8, 2014 /PRNewswire/ -- Globeleq, the leading wind energy company in Central America, announced the financial close and notice to proceed on construction of two wind generation projects in Costa Rica and Honduras.
Construction of the 50 MW Orosi project in Costa Rica and the 24 MW expansion of the existing 102 MW Cerro de Hula wind farm will be managed by Globeleq's majority owned subsidiary, Globeleq Mesoamerica Energy (GME). Gamesa turbines have been chosen for both projects.
"Once completed, these projects will further diversify the region's power generation sources. We have already proven the economic and environmental benefits of using a local and renewable resource in the region. Globeleq is really excited to continue to build more wind power to stimulate and sustain growth and development by providing more affordable electricity," commented Mikael Karlsson, Globeleq's CEO.
Equity will be contributed by Globeleq and its partner Mesoamerica Power through GME with project debt financing for Orosi being provided by the Export-Import Bank of the United States, Banco Internacional de Costa Rica (BICSA), and FMO, The Netherlands Development Finance Company. The Cerro de Hula expansion will be funded by GME, the Export-Import Bank of the United States and the Central American Bank for Economic Integration.
GME was awarded by ICE, the Costa Rican national utility, to build, own and operate an additional four 20 MW projects in Costa Rica. This would build on GME's position as the leading wind generation company in Central America by adding to its existing operations of the Cerro de Hula wind farm in Honduras, the 44 MW Eolo wind generation facility in Nicaragua and the 23 MW Plantas Eolicas in Costa Rica.
Globeleq is an experienced developer, owner and operator of independent power projects in the emerging markets, with a specific focus on Africa and the Americas. With more than US$1.3 billion in assets, the company develops economically sustainable businesses that support the continued development of the electric power sector in these regions. Since 2002, Globeleq has participated in nearly 14,000 megawatts (MW) of generation capacity in more than 25 countries.