Minerco Resources Inc. (MINE), a developer, producer and provider of renewable energy in Latin America, has signed a definitive agreement for the acquisition of the 100 MW Sayab Wind Project, located in San Marcos de Colon, Honduras, from Energia Renovable Hondurenas SA (ERHSA).
ERHSA will receive 1 million restricted shares of MINE in two installments, and MINE is responsible for ongoing expenses through final design and continued operations of the project.
The project is estimated to have the potential to gross $48 million per year once fully operational; however, such estimates are based upon preliminary results and assume all studies produce anticipated results and that expenses do not exceed their estimated amount, according to the company.
The project is currently in the early feasibility stage of development, allowing MINE to control the feasibility, development, design and construction phases. The project has secured the necessary land and is expected to start construction in 2013.
SOURCE: Minerco Resources Inc.