New Push for Tumarín Hydroelectric in Nicaragua
The $350 million concession for the execution of the hydroelectric project is pending approval by the national assembly.
Monday, June 1, 2009
The consortium that will build the project that is expected to generate 180 megawatts is composed of the Brazilian group Queiroz Galvao, the Brazilian state-owned Petrobras Company, Nicaraguan businessmen linked to the Production and Finance Banks and the Italian Company Astaldi. 25% of the funds will be approved by investors and the remaining 75% by the Development Bank of Brazil.
A proposal has been made to demand a definite time frame from the Brazilian consortium Eletrobras and Queiroz Galvao to start the construction of the hydroelectric dam Tumarín, which has been announced several times but has never materialized.
Nicaragua and the concessionaire CHN have signed a concession agreement in which the Brazilian company promises to start construction in mid-2014.
Two Brazilian companies will participate in the construction of an ambitious hydroelectric program in the northern part of Nicaragua
The project with a cost of $500 million, which aims to generate 180 megawatts for the country, was approved in the National Assembly.
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