Upower, which plans to be an independent power provider, announced yesterday that on May 18, Empresa Nacional de Energia Electrica (ENEE), the national energy company of Honduras, published both its previously announced solar PPAs for 50 MW plants in La Gaceta, the country's national publication where all laws and national contracts are required to be published before effectuating such laws or contracts.
ENEE also accepted both the bond guarantees, arranged with Honduran banks by Upwer's Honduran partners equity owners in Upower Honduras a majority-owned subsidiary which has two further subsidiaries: Produccion de Energia Solar y Demas Renovables, S.A. (PRODERSSA) and Pacific Solar Energy, Inc. (PSE).
The public notice permits PRODERSSA and PSE to proceed, with Upower's engineering and construction partner, U.S.-based Wind Turbine and Energy Cables Corp. (WTEC) with whom the company entered a master EPC contract in February, with final engineering for the two 50 MW plants, and with the construction of such plants, subject to receipt of required funding.
The projects' construction has been budgeted by WTEC at US$190 million. WTEC and its affiliates is an internationally recognized EPC and manufacturing company dedicated to the alternative energy market.
WTEC has more than 25 years' experience in the renewable energy industry and boasts one of the largest renewable energy portfolios in the world with more than 12 GW of wind and 3 GW of solar installation experience.
Once the Honduran projects are operational, they are anticipated to generate approximately 165 GWh of electricity a year.
Enrique Pallares, UPI's chief of business development, who was instrumental in procuring the projects, said: "As a planned IPP, we are very pleased about the status and continued progress of these projects. Once completed and operational, these two 50 MW solar PV power plants will contribute to Honduras' economic growth and employment through the use of clean energy in the Nacaome region and are anticipated to constitute one of the largest solar powered plant facilities in Latin America."
Brian Dick, vice president and general counsel of WTEC said: "We are excited to partner with UPI on the development and construction of these projects. The projects have reached a critical milestone, and WTEC has, and will be, undertaking significant EPC activities to ensure their timely completion."
David Macias, Upower's CEO, said: "We are very excited about our continued progress with ENEE and the government of Honduras to implement the steps necessary to further advance these projects so that we may bring new sources of safe, reliable electricity, utilizing conventional and renewable sources, to the Republic of Honduras. We look forward to being a steady and long term provider of energy to Honduras for many years to come."
Upower continues to be involved in meetings and discussions over other possible Honduran power generation projects, as well as with other off-shore jurisdictions for the purposes of securing electric power generation contracts, and plans to issue press releases as new opportunities present themselves.
http://www.windnenergy.com/docs-cms/UPOWER APPROVED PRESS RELEASE_0614.pdf
