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March 09, 2007  

 

 

 

NICARAGUA SIGNS A WIND POWER PROJECT FOR THE FIRST TIME

 

Under the legal consultancy of Molina & Asociados Central Law, on February 12th 2007 Consorcio Eolico Amayo, S.A. and the Spanish entity Union Fenosa, DISNORTE and DISSUR sign the corresponding Energy Supply Contracts to generate up to 40 megawatts of this kind of power.
 

   

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Since 2005, Molina & Asociados Central Law has been advising the participating investors of Consorcio Eolico Amayo, S.A that is integrated by the Nicaraguan investors namely Energía Eólica de Nicaragua (ENISA) and the foreign companies Centrans Energy Services, INC of Guatemala and ARCTAS Capital Group L.P. from Houston, Texas.

Pursuant with Law No.532, The Law on Promotion of Electricity Generation with Renewable Resources, a bid was carried out by the distributor Union Fenosa in search of renewable energy sources, which was granted to Consorcio Eolico Amayo, S.A. All the legal steps established by this law were executed under the legal guidance of Molina & Asociados Central Law and in full satisfaction of all the involved parties.

The contracts of wind generated power supply assure the generation of up to 39 thousand kilowatts for a period of fifteen years. Molina & Asociados Central Law also supervised the implementation of the study of environmental impact made by the Ministry of Natural Resources and Environment (MARENA).

The wind power project is located in the Farm Amayo that is situated in the department of Rivas at 130 kilometers to the south of Managua and it will be equipped with19 wind powered generators with a capacity of 2.1 megawatts each. Molina & Asociados Central Law also monitored the funding contracts for this project on behalf of IFC, the private arm of the World Bank, CABIE and DANIDA, a Danish government entity.

The wind power project Amayo was described by the Vice-Ministry of Energy, Lorena Lanzas as a transparent and full- satisfaction process for the current Nicaraguan government.

This is the first private investment on electricity generation in the current government that will help solve one of the most serious problems that the Nicaraguan economy faces and it is a vivid example of how the national and foreign investors are demonstrating their trust in the Nicaraguan democracy; therefore, it is expected that the current government keeps supporting this kind of investments that the country so badly needs.
 

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