New Central American Wind Farms Announced

Globeleq has announced that a deal has been struck to proceed with construction of two large wind generation projects in Central America, in Costa Rica and Honduras.

Who is Globeleq? It is an experienced operating power company, who are actively developing energy projects for the emerging markets of Africa and the Americas.  The company was launched in 2002 when the UK’s CDC Group contributed capital and a portfolio of power assets to the new enterprise. The company has achieved relatively rapid growth through development of new renewable power generation projects and its acquisition of operating facilities.

Construction of the 50MW Orosi project (in Costa Rica) and the 24MW expansion of the existing 102MW Cerro de Hula wind farm  (in Honduras) will be managed by Globeleq’s majority owned subsidiary, Globeleq Mesoamerica Energy (GME).  The wind turbines to be used have already been selected; Gamesa turbines have been chosen for both projects.

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Orosí  is located in the Guanacaste province in the northwestern part of the country, along the coast of the Pacific Ocean.

Mikael Karlsson is Globeleq’s CEO. He said:

“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”.

For those interested in the financing, 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.

Gamesa will manufacture the 25 turbines at its Fairless Hills facility in Pennsylvania. The deal is expected to support some 200 jobs. Gamesa will also develop all necessary infrastructure for the project’s installation and operation, including an electricity substation, a high-tension line and the site’s connection to the power grid.

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Costa Rica was sparsely inhabited by indigenous people before coming under Spanish rule in the 16th century. Although once a relatively poor and isolated colony, since its independence in the 18th century, Costa Rica has become one of the most stable, prosperous and progressive nations in Latin America. In May 2007, the Costa Rican government announced its intentions to become 100% carbon neutral by 2021. As of 2012, Costa Rica produces more than 90% of its electricity through renewable sources.

Honduras  is bordered to the west by Guatemala, to the southwest by El Salvador, to the southeast b Nicaraguay, to the south by the Pacific Ocean and to the north by the Gulf of Honduras, a large inlet of the Caribbean Sea.

About half of the electricity produced in Honduras  is privately owned. The other half capacity is run by Empresa Nacional de Energía Eléctrica: ENEE. Hydro electric power is well-established in the country whereas wind power generation is relatively new.