Globeleq Generation’s CdH Wind Project Reaches Financial Close

Globeleq Generation Ltd. has announced that the Cerro de Hula (CdH) wind project 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 SA, has been developing the 102 MW CdH wind energy project through its locally owned entity, Energia Eolicas de Honduras SA (EEHSA).

Once the project becomes operational, it is expected to generate 6% of the country's power. EEHSA is working toward registering CdH as a clean development mechanism project under the Kyoto Protocol.

The CdH wind project will consist of 51 2 MW Gamesa G87 wind turbines and will supply the national utility company Empresa Nacional de Energia Electrica with power 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. Nonrecourse project financing is provided by the Export-Import Bank of the United States and the Central American Bank for Economic Integration.

SOURCE: Globeleq Generation Ltd.

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