Minerco Resources to acquire 100MW Sayab wind project in Honduras

Source: Minerco Resources, Inc.

Minerco Resources, Inc. (OTCBB:MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America, announced that the Company has signed a Definitive Agreement for the acquisition of the 100 megawatt Sayab Wind Project located in the Municipality of San Marcos de Colon, in the Department of Choluteca in Honduras, C.A. from Energia Renovable Hondurenas S.A. (ERHSA), a corporation formed and operated under the laws of Honduras. 

The Agreement provides for the Company to acquire 100% of the 100 megawatt Sayab Wind Project. ERHSA will receive 1 million restricted shares of MINE in two installments while the Company is responsible for ongoing expenses through final design and continued operations of the Project. The project is estimated to have the potential capacity 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 and therefore there can be no assurance that the results will be as anticipated. 

"We are very excited to acquire our first wind project," said Sam J. Messina III, Minerco's CFO. "We believe that the project, once developed, will provide Minerco with a substantial, long term revenue base for years to come." 

The Sayab Project is a 100 mega-watt wind project and is currently in the early Feasibility Stage of development, allowing Minerco to control in the feasibility, development, design and construction phases of the Project. The Project has secured the necessary land and is expected to start construction in 2013; however there can be no assurance that such date will not be delayed. 

"The great benefit of wind projects is that they are scalable. The Sayab Wind Project is another great addition to the Minerco portfolio of clean, renewable projects in Central America," said V. Scott Vanis, Minerco's President and CEO.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs