Globeleq to provide more renewable energy in Central America

LONDON, 8 November 2010: 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, Globeleq Mesoamerica Energy S.A. [previously known as Energias Renovables de Mesoamerica S.A.]  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, Energía Eólicas 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 Energía Eléctrica under a 100 MW, 20-year power purchase agreement.  The facility will be constructed by the Gamesa Wind US LLC and Iberdrola Ingeniería y Construcción 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, Globeleq 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.”

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