VIASPACE Inc. (OTCBB:VSPC) announced it signed a project development agreement and is forming a company in Nicaragua with it's Nicaraguan business partners AGRICORP to create a new biomass power plant.
VIASPACE grows Giant King Grass, a renewable low-carbon fuel, which can be used to generate clean electricity. Giant King Grass also creates environmentally friendly energy pellets and can be used as feedstock for the production of bio-methane and cellulosic biofuels.
The newly formed company - Energia Reino Verde - will operate a Giant King Grass plantation and 12 megawatts biomass power plant. The power plant will be fueled by the 2,100 acre Giant King Grass plantation. The company has been growing the grass in that co-location with the Miramontes rice plantation since 2012. The rice husks from the plantation will be a secondary fuel source for the plant, providing 5 percent of the necessary fuel.
The plant project is estimated to have a 25 year lifespan and is projected to generate 84,000,000 kilowatt hours of electricity, power that will be transferred to the national grid.
VIASPACE currently grows Giant King Grass in California, Arizona and Hawaii, as well as other countries outside of the U.S.