London, April 25, 2012 — Globeleq Generation announced the acquisition of the 44 MW Eolo wind project in Nicaragua further establishing the company within the Central American region.
Through Globeleq's unit, Globeleq Mesoamerica Energy, the company has purchased 100 percent of the interest in Eolo de Nicaragua S.A, which has been developing the project.
Eolo is located in the province of Rivas on the shores of Lake Nicaragua, about 125 kms south of the capital Managua. Using 22 x 2.0 MW Gamesa G90 wind turbine generators, electricity will be sold through two 20-year PPAs to the privately owned Distribuidora Electricidad de Sur S.A. (DISSUR) and Distribuidora Electricidad de Norte S.A. (DISNORTE), both units 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 Company, which also acted as the lead arranger; Proparco, the private sector investment arm of the French development body Agence Francaise de Developpement; and DEG, Deutsche Investitions und Entwicklungsgesellschaft mbH.