U.K.-based Globeleq Generation Ltd. has announced that it has acquired the 44 MW Eolo wind project, located in the province of Rivas on the shores of Lake Nicaragua, about 125 km south of Managua, Nicaragua.
Through Globeleq's majority-owned subsidiary, Globeleq Mesoamerica Energy (Wind) Ltd. (GME Wind), the company has purchased 100% of the interest in Eolo de Nicaragua S.A., which has been developing the project.
The project will consist of 22 2 MW Gamesa G90 wind turbines, and the wind farm's output will be sold through two separate 20-year power purchase agreements to the privately owned Distribuidora Electricidad de Sur S.A. and Distribuidora Electricidad de Norte S.A., both of which are subsidiaries of Gas Natural of Spain.
Eolo will also construct a new substation and interconnection lines to enable connection to the national grid. Project debt financing is provided by FMO, the Netherlands Development Finance Co., which also acted as the lead arranger; Proparco, the private-sector investment arm of the French development body Agence FranÃ§aise de Developpement; and DEG, Deutsche Investitions und Entwicklungsgesellschaft mbH.
Land rights, as well as environmental and local construction permits, have already been obtained.